• Economy—overview: Tourism continues to dominate the economy, accounting for more than half of GDP. Weak tourist arrival numbers since early 2000 have slowed the economy, however, and pressed the government into a tight fiscal corner. The dual-island nation's agricultural production is focused on the domestic market and constrained by a limited water supply and a labor shortage stemming from the lure of higher wages in tourism and construction work. Manufacturing comprises enclave-type assembly for export with major products being bedding, handicrafts, and electronic components. Prospects for economic growth in the medium term will continue to depend on income growth in the industrialized world, especially in the US, which accounts for about one-third of all tourist arrivals.
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• Economy—overview: Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Over the past decade, however, the country has suffered recurring economic problems of inflation, hugh external debt, capital flight, and budget deficits. Growth in 2000 was a negative 0.5%, as both domestic and foreign investors remained skeptical of the government's ability to pay debts and maintain the peso's fixed exchange rate with the US dollar. The economic situation worsened in 2001 with the widening of spreads on Argentine bonds, massive withdrawals from the banks, and a further decline in consumer and investor confidence. Government efforts to achieve a "zero deficit", to stabilize the banking system, and to restore economic growth proved inadequate in the face of the mounting economic problems. The peso's peg to the dollar was abandoned in January 2002, and the peso was floated in February; the exchange rate plunged and inflation picked up rapidly, but by mid-2002 the economy had stabilized, albeit at a lower level. Output was 14.7% below the previous year's figure, and unemployment remained high, at 21.5%. In order to reverse the crisis some economists recently have advocated that Argentina adopt the US dollar as the national currency, however, others argue tieing the economy closely to the dollar was precisely what led to Argentina's current problems.
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• Economy—overview: The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and offshore banking. Tourism alone accounts for more than 60% of GDP and directly or indirectly employs almost half of the archipelago's labor force. Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences have led to solid GDP growth in recent years. Manufacturing and agriculture together contribute approximately a tenth of GDP and show little growth, despite government incentives aimed at those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector, which depends on growth in the US, the source of the majority of tourist visitors.
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• Economy—overview: Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has diversified into manufacturing and tourism. Offshore finance and information services are important foreign exchange earners, and there is also a light manufacturing sector. The government continues its efforts to reduce unemployment, encourage direct foreign investment, and privatize remaining state-owned enterprises. The economy contracted in 2001 due to slowdowns in tourism and consumer spending. Growth will remain anemic in 2002 with a recovery likely near the end of the year.
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• Economy—overview: The small, essentially private enterprise economy is based primarily on agriculture, agro-based industry, and merchandising, with tourism and construction assuming greater importance. Sugar, the chief crop, accounts for nearly half of exports, while the banana industry is the country's largest employer. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth of 6.4% in 1999 and 10.5% in 2000. Growth decelerated in 2001 to 3% due to the global slowdown and severe hurricane damage to agriculture, fishing, and tourism. Major concerns continue to be the rapidly expanding trade deficit and foreign debt. A key short-term objective remains the reduction of poverty with the help of international donors.
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• Economy—overview: Bolivia, long one of the poorest and least developed Latin American countries, has made considerable progress toward the development of a market-oriented economy. Successes under President SANCHEZ DE LOZADA (1993-97) included the signing of a free trade agreement with Mexico and becoming an associate member of the Southern Cone Common Market (Mercosur), as well as the privatization of the state airline, telephone company, railroad, electric power company, and oil company. Growth slowed in 1999, in part due to tight government budget policies, which limited needed appropriations for anti-poverty programs, and the fallout from the Asian financial crisis. In 2000, major civil disturbances in April, and again in September and October, held down overall growth to 2.5%. Bolivia's GDP failed to grow in 2001 due to the global slowdown and laggard domestic activity. Growth is expected to pick up in 2002, but the fiscal deficit and debt burden will remain high.
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• Economy—overview: Possessing large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries and is expanding its presence in world markets. The maintenance of large current account deficits via capital account surpluses became problematic as investors became more risk averse to emerging market exposure as a consequence of the Asian financial crisis in 1997 and the Russian bond default in August 1998. After crafting a fiscal adjustment program and pledging progress on structural reform, Brazil received a $41.5 billion IMF-led international support program in November 1998. In January 1999, the Brazilian Central Bank announced that the real would no longer be pegged to the US dollar. This devaluation helped moderate the downturn in economic growth in 1999 that investors had expressed concerns about over the summer of 1998, and the country posted moderate GDP growth. Economic growth slowed considerably in 2001 - to less than 2% - because of a slowdown in major markets and the hiking of interest rates by the Central Bank to combat inflationary pressures. Investor confidence was strong at yearend 2001, in part because of the strong recovery in the trade balance.
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• Economy—overview: Chile has a market-oriented economy characterized by a high level of foreign trade. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Growth in real GDP averaged 8% during 1991-97, but fell to half that level in 1998 because of tight monetary policies implemented to keep the current account deficit in check and because of lower export earnings - the latter a product of the global financial crisis. A severe drought exacerbated the recession in 1999, reducing crop yields and causing hydroelectric shortfalls and electricity rationing, and Chile experienced negative economic growth for the first time in more than 15 years. Despite the effects of the recession, Chile maintained its reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. By the end of 1999, exports and economic activity had begun to recover, and growth rebounded to 5.4% in 2000. Unemployment remains stubbornly high, however, putting pressure on President LAGOS to improve living standards. The Argentine financial meltdown has put pressure on the Chilean peso and is slowing the country's economic growth. Meanwhile, Chile and the US are conducting negotiations for a free trade agreement.
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• Economy—overview: Colombia's economy suffered from weak domestic demand, austere government budgets, and a difficult security situation. A new president takes office in 2002 and will face economic challenges ranging from pension reform to reduction of unemployment. Two of Colombia's leading exports, oil and coffee, face an uncertain future; new exploration is needed to offset declining oil production, while coffee harvests and prices are depressed. Problems in public security are a concern for Colombian business leaders, who are calling for progress in the government's peace negotiations with insurgent groups. Colombia is looking for continued support from the international community to boost economic and peace prospects
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• Economy—overview: Costa Rica's basically stable economy depends on tourism, agriculture, and electronics exports. Poverty has been substantially reduced over the past 15 years, and a strong social safety net has been put into place. Foreign investors remain attracted by the country's political stability and high education levels, and tourism continues to bring in foreign exchange. However, traditional export sectors have not kept pace. Low coffee prices and an overabundance of bananas have hurt the agricultural sector. The government continues to grapple with its large deficit and massive internal debt and with the need to modernize the state-owned electricity and telecommunications sector.
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• Economy—overview: The government continues to balance the need for economic loosening against a concern for firm political control. It has undertaken limited reforms in recent years to stem excess liquidity, increase enterprise efficiency, and alleviate serious shortages of food, consumer goods, and services, but is unlikely to implement extensive changes. A major feature of the economy is the dichotomy between relatively efficient export enclaves and inefficient domestic sectors. The average Cuban's standard of living remains at a lower level than before the severe economic depression of the early 1990s, which was caused by the loss of Soviet aid and domestic inefficiencies. High oil prices, recessions in key export markets, and damage from Hurricane Michelle hampered growth in 2001. Cuba paid high prices for oil imports in the face of slumping prices in the key sugar and nickel industries and suffered a slowdown in tourist arrivals following September 11. The government aimed for 3% growth in 2002, but growth was held back by hurricanes, depressed tourism, and faltering world economic conditions, including low world sugar prices and a shortage of external financing.
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• Economy—overview: The Dominican economy depends on agriculture, primarily bananas, and remains highly vulnerable to climatic conditions. Hurricane Luis devastated the country's banana crop in 1995 after tropical storms wiped out a quarter of the 1994 crop. The subsequent recovery has been fueled by increases in construction, soap production, and tourist arrivals. Development of the tourism industry remains difficult however, because of the rugged coastline, lack of beaches, and the absence of an international airport. Economic growth is sluggish, and unemployment is greater than 20%. The government has been attempting to develop an offshore financial sector in order to diversify the island's production base.
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• Economy—overview: The Dominican economy experienced dramatic growth over the last decade, even though the economy was hit hard by Hurricane Georges in 1998. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer, due to growth in tourism and free trade zones. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoy 40% of national income. A US $500 million foreign bond issue in September 2001 will contribute to increased public investment spending.
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• Economy—overview: Ecuador has substantial oil resources and rich agricultural areas. Because the country exports primary products such as oil, bananas, and shrimp, fluctuations in world market prices can have a substantial domestic impact. Ecuador joined the World Trade Organization in 1996, but has failed to comply with many of its accession commitments. The aftermath of El Nino and depressed oil market of 1997-98 drove Ecuador's economy into a free-fall in 1999. The beginning of 1999 saw the banking sector collapse, which helped precipitate an unprecedented default on external loans later that year. Continued economic instability drove a 70% depreciation of the currency throughout 1999, which forced a desperate government to "dollarize" the currency regime in 2000. The move stabilized the currency, but did not stave off the ouster of the government. Gustavo NOBOA, who assumed the presidency in January 2000, has managed to pass substantial economic reforms and mend relations with international financial institutions. Ecuador completed its first standby agreement since 1986 when the IMF Board approved a 10 December 2001 disbursement of $96 million, the final installment of a $300 million standby credit agreement
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• Economy—overview: El Salvador is a struggling Central American economy which has been suffering from a weak tax collection system, factory closings, the aftermaths of Hurricane Mitch of 1998 and the devastating earthquakes of early 2001, and weak world coffee prices. On the bright side, in recent years inflation has fallen to single digit levels, and total exports have grown substantially. The trade deficit has been offset by remittances (an estimated $1.6 billion in 2000) from Salvadorans living abroad and by external aid. As of 1 January 2001, the US dollar was made legal tender alongside the colon. Growth in 2002 will depend largely on the speed of recovery in the US.
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• Economy—overview: Despite government steadying of annual economic growth in recent years through progress in fiscal reform and prudent macroeconomic management, a downturn in tourist arrivals in 2001 threatens government spending in 2002. Grenada relies on tourism as its main source of foreign exchange, although it also supports a small agriculture sector and a developing offshore financial industry. Short-term concerns include a rising fiscal deficit and the deterioration in the external account balance
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• Economy—overview: The agricultural sector accounts for about one-fourth of GDP, two-thirds of exports, and half of the labor force. Coffee, sugar, and bananas are the main products. Former President ARZU (1996-2000) worked to implement a program of economic liberalization and political modernization. The 1996 signing of the peace accords, which ended 36 years of civil war, removed a major obstacle to foreign investment. In 1998, Hurricane Mitch caused relatively little damage to Guatemala compared to its neighbors. Ongoing challenges include increasing government revenues, negotiating further assistance from international donors, and increasing the efficiency and openness of both government and private financial operations. Despite low international prices for Guatemala's main commodities, the economy grew by 3% in 2000 and 2.3% in 2001. Guatemala, along with Honduras and El Salvador, recently concluded a free trade agreement with Mexico and has moved to protect international property rights. However, the PORTILLO administration has undertaken a review of privatizations under the previous administration, thereby creating some uncertainty among investors.
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• Economy—overview: The Guyanese economy has exhibited moderate economic growth since 1999, based on an expansion in the agricultural and mining sectors, a more favorable atmosphere for business initiatives, a more realistic exchange rate, fairly low inflation, and the continued support of international organizations. Chronic problems include a shortage of skilled labor and a deficient infrastructure. The government is juggling a sizable external debt against the urgent need for expanded public investment. Low prices for key mining and agricultural commodities combined with troubles in the bauxite and sugar industries threaten the government's already tenuous fiscal position and dim prospects for 2002.
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• Economy—overview: About 80% of the population lives in abject poverty. Nearly 70% of all Haitians depend on the agriculture sector, which consists mainly of small-scale subsistence farming and employs about two-thirds of the economically active work force. The country has experienced little job creation since the former President PREVAL took office in February 1996, although the informal economy is growing. Following legislative elections in May 2000, fraught with irregularities, international donors - including the US and EU - suspended almost all aid to Haiti. The economy shrank an estimated 1.2% in 2001, and the contraction will likely intensify in 2002 unless a political agreement with donors is reached and aid restored.
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• Economy—overview: Honduras, one of the poorest countries in the Western Hemisphere with an extraordinarily unequal distribution of income, is banking on expanded trade privileges under the Enhanced Caribbean Basin Initiative and on debt relief under the Heavily Indebted Poor Countries (HIPC) initiative. While the country has met most of its macroeconomic targets, it failed to meet the IMF's goals to liberalize its energy and telecommunications sectors. Growth remains dependent on the status of the US economy, its major trading partner, on commodity prices, particularly coffee, and on containment of the recent rise in crime.
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• Economy—overview: The economy, which depends heavily on tourism and bauxite, has been stagnant since 1995. After five years of recession, the economy grew 0.8% in 2000 and 1.1% in 2001, but the global economic slowdown, particularly in the United States after the 11 September terrorist attacks, has stunted the economic recovery. Serious problems include: high interest rates; increased foreign competition; a pressured, sometimes sliding, exchange rate; a widening merchandise trade deficit; and a growing internal debt, the result of government bailouts to various ailing sectors of the economy, particularly the financial sector. Depressed economic conditions have led to increased civil unrest, including a mounting crime rate. Jamaica's medium-term prospects will depend upon encouraging investment, maintaining a competitive exchange rate, selling off reacquired firms, and implementing proper fiscal and monetary policies.
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• Economy—overview: Nicaragua, one of the hemisphere's poorest countries, faces low per capita income, flagging socio-economic indicators, and huge external debt. Distribution of income is extremely unequal. While the country has made progress toward macroeconomic stabilization over the past few years, a banking crisis and scandal has shaken the economy. Managua will continue to be dependent on international aid and debt relief under the Heavily Indebted Poor Countries (HIPC) initiative. Donors have made aid conditional on improving governability, the openness of government financial operation, poverty alleviation, and human rights. Nicaragua met the conditions for additional debt service relief in December 2000. Growth should move up in 2002 because of increased private investment and recovery in the global economy.
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• Economy—overview: Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-01. The government plans public works programs, tax reforms, and new regional trade agreements in order to stimulate growth.
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• Economy—overview: Paraguay has a market economy marked by a large informal sector. The informal sector features both reexport of imported consumer goods to neighboring countries as well as the activities of thousands of microenterprises and urban street vendors. Because of the importance of the informal sector, accurate economic measures are difficult to obtain. A large percentage of the population derives their living from agricultural activity, often on a subsistence basis. The formal economy grew by an average of about 3% annually in 1995-97, but GDP declined slightly in 1998, 1999, and 2000. On a per capita basis, real income has stagnated at 1980 levels. Most observers attribute Paraguay's poor economic performance to political uncertainty, corruption, lack of progress on structural reform, substantial internal and external debt, and deficient infrastructure.
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• Economy—overview: Thanks to strong foreign investment and the cooperation between the government and the IMF and World Bank, growth was strong in 1994-97 and inflation was brought under control. In 1998, El Nino's impact on agriculture, the financial crisis in Asia, and instability in Brazilian markets undercut growth. And 1999 was another lean year for Peru, with the aftermath of El Nino and the Asian financial crisis working its way through the economy. Political instability resulting from the presidential election and FUJIMORI's subsequent departure from office limited growth in 2000. The downturn in the global economy further depressed growth in 2001. President TOLEDO, who assumed the presidency in July 2001, is working to reinvigorate the economy and reduce unemployment. Economic growth in 2002 is projected to be 3 to 3.5%.
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• Economy—overview: Sugar was the traditional mainstay of the St. Kitts economy until the 1970s. Although the crop still dominates the agricultural sector, activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. As tourism revenues are now the chief source of the islands' foreign exchange, a decline in stopover tourist arrivals following the September 11 terrorist attacks has eroded government finances. The government revised estimates of 2001 growth down to 1% and faces dim recovery prospects in 2002, given the depressed state of the tourism industry, low sugar prices, and a growing budget deficit.
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• Economy—overview: The recent changes in the EU import preference regime and the increased competition from Latin American bananas have made economic diversification increasingly important in Saint Lucia. The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries. The manufacturing sector is the most diverse in the Eastern Caribbean area, and the government is trying to revitalize the banana industry. Despite negative growth in 2001, economic fundamentals remain solid, and GDP growth should recover in 2002.
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• Economy—overview: Bananas and other agricultural products remain the staple of this lower-middle income country's economy. Although tourism and other services have been growing moderately in recent years, the government has been ineffective at introducing new industries. Unemployment remains high, and economic growth hinges upon seasonal variations in the agricultural and tourism sectors. Tropical storms wiped out substantial portions of crops in 1994 and 1995, and tourism in the Eastern Caribbean has suffered low arrivals following September 11. St. Vincent is home to a small offshore banking sector, but its restrictive secrecy laws have come under international review. As of June 2001, it remained on the Financial Action Task Force's list of noncooperative jurisdictions.
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• Economy—overview: The economy is dominated by the bauxite industry, which accounts for more than 15% of GDP and 70% of export earnings. Suriname's economic prospects for the medium term will depend on renewed commitment to responsible monetary and fiscal policies and to the introduction of structural reforms to liberalize markets and promote competition. The government of Ronald VENETIAAN has begun an austerity program, raised taxes, and attempted to control spending. The Dutch Government has restarted the aid flow, which will allow Suriname to access international development financing.
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• Economy—overview: Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses. A leading performer in the past 4 years has been the booming natural gas sector. Tourism is a growing sector, although not proportionately as important as in many other Caribbean islands. The expected recovery of the global economy, along with anticipated higher oil prices, are plus factors for 2002. Negative factors are persistent high unemployment and the political uncertainties following the contentious selection of a new government in December 2001.
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• Economy—overview: Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated workforce, and high levels of social spending. After averaging growth of 5% annually in 1996-98, in 1999-2001 the economy suffered from lower demand in Argentina and Brazil, which together account for nearly half of Uruguay's exports. Despite the severity of the trade shocks, Uruguay's financial indicators remained more stable than those of its neighbors, a reflection of its solid reputation among investors and its investment-grade sovereign bond rating - one of only two in South America. Challenges for the government of President Jorge BATLLE include reducing the budget deficit, expanding Uruguay's trade ties beyond its Mercosur trade partners, and reducing the costs of public services. GDP fell by 1.3% in 2000 and by 1.5% in 2001.
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• Economy—overview: The petroleum sector dominates the economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government operating revenues. Venezuelan officials estimate that GDP grew by 2.7% in 2001. A strong rebound in international oil prices fueled the recovery from the steep recession in 1999. Nevertheless, a weak nonoil sector and capital flight - and a temporary fall in oil prices - undercut the recovery. In early 2002, President CHAVEZ changed the exchange rate regime from a crawling peg to a free floating exchange rate, causing the bolivar to depreciate significantly.
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