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Economic Survey of Latin America and the Caribbean 2010-2011

International Integration and Macroeconomic Policy Challenges Amid Global Economic Turmoil

image of Economic Survey of Latin America and the Caribbean 2010-2011

This publication is issued annually by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). This sixty-third edition of the Economic Survey looks at the nature of the recovery from the financial global and economic crisis whose fallout spread across the region in the second half of 2008 and in 2009. It also delves into the challenges posed by highly liquid conditions in international financial markets combined with high prices for the region’s key commodities. Finally, it analyzes the situation in the countries of Latin America and the Caribbean during 2010 into the first part of 2011.

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Mexico

The Mexican economy experienced real growth of 5.4% in 2010, partially offsetting the previous year’s sharp contraction of 6.1%; and per capita GDP rose by 4.4% (compared with a drop of 7.1% in 2009). This improvement was driven by the upturn in external demand (25,6% in real terms) and, in part, by consumption (4.7%), while gross capital formation expanded slightly (2.4%). Imports jumped by 23,5% but were still outpaced by exports. This contributed to an even smaller trade deficit as a percentage of GDP —at 1.3%— than the 1.5% recorded in 2009.

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