By United Nations
This is often the fifty fifth variation within the sequence which gives an evaluate of the economies of the Latin the United States and the Caribbean quarter in the course of 2002 and the 1st 1/2 2003. It contains: an summary of the neighborhood economic climate as a complete, by way of macroeconomic regulations and reforms, inner monetary functionality and the exterior financial zone; and short analyses of the industrial functionality of 20 international locations together with tables and knowledge for the most fiscal signs. The accompanying CD-ROM includes the whole textual content and photos, in addition to a statistical appendix together with over four hundred information tables.
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Extra info for Economic Survey of Latin America and the Caribbean 2002-2003
Example text
FaMily remittances Their total in 2003 could approach US$ 25 billion, equivalent It0 about 85% of expected FDL inflows. Remittances represent a decisive income source for all the Central American countries (except Costa Rica), and for the Dominican Republic, where they represent about 10% of GDF. They are also essential for Mexico, which in 2002 received inflows in this category equivalent to 70% of total ED1 during the year, and for Ecuador, where remittances represent about 6% of GDP. 14, remittances inflows were smaller in 2001, consonant with the slowdown of economic activity in the United States, but they bounced back in 2002.
A Preliminary figures. Projections. 2U03 llO% 9 I - - Paraguay 15% fl15% % 8"" II 7->3 - 1 El Satwador 6% 5% Guatemala I Ecuador 15% I Hondura$ 7 4 Dominican Rspubllc "jo Ham nPnce I % I 1 Mexm Figures show fie annual variabon -1% Nicaragua -5% Panama -la mauantlty 3% CoIornbia V enBzueIa I in export values m "10%\ 1 -14 -1 0 -6 -2 2 6 10 14 18 Source: ECLAC, an the basis of official figures. a Projections. a) Mexico, Central America and the Caribbean In Mexico, export performance differs sharply from patterns prevailing elsewhere in the region.
6% respectively). 2%+ There are several reasons for this lack of buoyancy. First of all, Mexico's competitive advantage ha5 been eroded by an overvalued exchange rate. From 1997 to 2002, the real exchange rate of the peso against the dollar fell by 1 X70 (appreciation); and despite a devaluation in 2003, it still remains close to its mid-2000 level. In addition, the rnaquila industry is facing competition from China and elsewhere, where wage levels are lower; and several firms have transferred their operatiom to those countries.