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Latin American, Caribbean Economies Grow 5.6% in 2007
Via NY Transfer News Collective * All the News that Doesn't Fit
Agencia Cubana de Noticias (ACN)
http://ainch.ain.cu/mailman/listinfo/ingles
Latin American and Caribbean Economies Grow 5.6% in 2007
Havana, Dec 14(acn) Despite recent turbulence in the international
community, Latin America and the Caribbean are better prepared to face
a situation of external economic volatility, as the region will close
2007 with a growth of 5.6 percent on its gross domestic product (GDP).
Based on estimates issued by the Economic Commission for Latin America
and the Caribbean (ECLAC), the region is placed in a much stronger
position to face increased external volatility. During 2007, Latin
America and the Caribbean sustained a favorable economic situation that
allowed for growth in nearly all the countries of the region.
On the other hand the re****t presented on December 13 by ECLAC
Executive Secretary Jose Luis Machinea, foresees a slight downturn for
2008 in the region. It says Latin America and the Caribbean could
register a 4.9% growth rate next year.
According to ECLAC, many of the trends characterizing the region's
current stage of economic growth stayed on course during 2007,
including its current account surplus (albeit at a lower level),
renewed improvements in terms of trade (also at a lower rate),
decreased unemployment; increased international reserves and reduced
external debt as a percentage of GDP. Meanwhile, dynamism in investment
continued and private consumption grew considerably.
Current accounts registered a surplus of 0.7%, with terms of trade
increasing by 2.6% overall, despite notable differences among
countries, says the Preliminary Overview.
It emphasizes that the unemployment rate dropped to 8.0%, its lowest
level since the early 1990s, in a context of relative improvements in
the quality of employment, which, coupled with economic growth, has a
positive impact on poverty indicators, the re****t reads.
Likewise, it stresses that the situation is not free of risks. In
addition to the likely slowdown of the US economy, the region exhibits
warning signs of its own, including persistent decreases in the real
exchange rate, growing inflation in several countries, and an overall
increase in public expenditure. In addition to these short-term risks,
ECLAC cautions that the region is not doing enough to improve
competitiveness at the systemic level, and cites the specific need to
increase investment (especially infrastructure for energy and
trans****t), encourage innovation and foster greater human resource
capabilities, primarily by improving the quality of education.
*
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