Economic Survey Of Latin America And The Caribbean, 2006-2007

Contents......Page 4
Foreword......Page 10
Executive summary......Page 12
A. Highlights of recent trends in the economies of Latin America and the Caribbean......Page 16
B. The international environment......Page 18
1. The external environment and the current account......Page 19
2. GDP, income and demand components......Page 21
3. Labour market, wages and prices......Page 22
4. External assets and liabilities and the region's macroeconomic vulnerability......Page 24
1. Fiscal policy......Page 26
2. Monetary and exchange-rate policy......Page 27
1. Demand......Page 29
2. Terms of trade and the current account......Page 30
3. Fiscal balance......Page 32
F. The outlook, threats and challenges for the region in the short term......Page 33
1. The external context and overall disequilibria......Page 34
2. Economic policy dilemmas......Page 35
4. Fiscal policy......Page 36
5. Competitiveness beyond the short term......Page 37
A. Background......Page 38
B. Stylized facts about investment, saving and growth......Page 39
C. The contribution to growth made by physical capital: growth accounting......Page 41
1. Methodology......Page 42
2. Main results......Page 43
3. Observations regarding the growth accounting results......Page 47
D. The contributions to growth made by investment in machinery and equipment, investment in construction, and economic policies: a regression analysis......Page 49
E. The contributions to growth made by private and public investment: a regression analysis......Page 52
F. Saving determinants......Page 55
1. Estimation......Page 60
2. Results......Page 61
G. National saving and growth......Page 65
H. Conclusions and policy implications......Page 67
A. Introduction......Page 70
B. Growth transitions: background......Page 71
1. Growth transitions: accelerations, decelerations and stable periods......Page 72
3. Measured probabilities......Page 73
1. Growth trends and general patterns......Page 74
2. Characteristics of growth transitions......Page 75
E. Final remarks and policy issues......Page 81
Appendix......Page 84
A. Introduction......Page 92
B. Economic growth in Latin America......Page 93
1. Argentina......Page 94
2. Brazil......Page 95
3. Mexico......Page 96
4. Central American countries......Page 97
5. Caribbean countries......Page 98
Appendix......Page 100
South America......Page 102
Argentina......Page 104
Bolivarian Republic of Venezuela......Page 112
Bolivia......Page 120
Brazil......Page 128
Chile......Page 136
Colombia......Page 142
Ecuador......Page 148
Paraguay......Page 154
Peru......Page 162
Uruguay......Page 168
Mexico and Central America......Page 174
Costa Rica......Page 176
El Salvador......Page 182
Guatemala......Page 188
Honduras......Page 196
Mexico......Page 202
Nicaragua......Page 210
Panama......Page 216
The Caribbean......Page 222
Bahamas......Page 224
Barbados......Page 228
Belize......Page 234
Cuba......Page 238
Dominican Republic......Page 244
Guyana......Page 250
Haiti......Page 256
Jamaica......Page 262
Suriname......Page 268
Trinidad and Tobago......Page 274
Member countries of the Eastern Caribbean Currency Union......Page 280
Bibliography......Page 286
Statistical appendix......Page 292
ECLAC publications......Page 332