Preliminary Overview of the Economies of Latin America and the Caribbean 2008

With annual economic growth for Latin America and the Caribbean being projected at 4,6%, 2008 will mark both the sixth consecutive year of growth and the end of a period which has very few precedents in the economic history of the region. Between 2003 and 2008, regional GDP growth averaged nearly 5% per year, with per capita GDP increasing by over 3% per annum. This growth was coupled with improvements in labour-market indicators and a reduction in poverty in the region. One of the most outstanding features of this period has been the fact that, in most of the countries, policymakers have placed priority on maintaining macroeconomic balances, which has helped generate surpluses in both their external and their fiscal accounts. The highly favourable external economic environment of the last few years has been another contributing factor.