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Biennial report (14 June 2008 to 1 June 2010) of the economic commission for Latin America and the Caribbean

image of Biennial report (14 June 2008 to 1 June 2010) of the economic commission for Latin America and the Caribbean
Official Records of the Biennial Report of the Economic and Social Council, 2010 Supplement No. 20

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Subregional activities in Mexico and Central America

The 2008-2009 biennium was particularly complex for the economies of the northern region of Central America and the Caribbean, which in 2008 suffered the impact of soaring commodities prices and a devastating hurricane season. Then, just as the economic and social effects of the rise in food and fuel prices were receding at year’s end, the worldwide economic and financial crisis erupted. It quickly became the main concern for public policymakers in 2009, owing especially to its recessive impact, which in turn was the result of the heavy dependence of the subregion’s economies on the United States economy. These shocks revealed, once again, the structural vulnerabilities that characterize the subregion: its status as a net importer of foodstuffs and oil, the high percentage of the population living in poverty, persistent inequality, and its vulnerability to the effects of climate change and natural disasters.

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