MercoPress, en Español

Montevideo, March 20th 2023 - 16:37 UTC



Mercosur outperformed in 2008/09 recession and during 2010 recovery

Thursday, April 14th 2011 - 23:50 UTC
Full article 3 comments
Praise for Mercosur members in anticipation of WB and IMF spring meetings  Praise for Mercosur members in anticipation of WB and IMF spring meetings

Latin America and the Caribbean have weathered the 2008-2009 recession much better than it had previous downturns. However less well-known is that the region, particularly Mercosur members, also decisively outperformed many other regions during the same period with a decline in growth smaller than that of the middle-income country average and with a rebound that was swifter and stronger.

The region’s growth of about 6% in 2010 exceeded the growth rate of Eastern Europe and Central Asia and the rate of high-income countries by more than three percentage points, according to a new report Latin America and the Caribbean’s Success Put to the Test prepared by the World Bank’s chief economist office for the region.

To be sure, post-crisis growth performance has been uneven within the region. Several South American countries, most notably Mercosur members Argentina, Brazil, Paraguay and Uruguay, and Peru, have registered a remarkably vigorous recovery with growth rates that exceeded 7.5% in 2010. In contrast, economic activity in many countries in Central America and the Caribbean, and particularly the English-speaking nations of the Caribbean, expanded at rates in the 1% to 3% range. Negative growth rates were registered for very few countries in the region, notably Jamaica (-0.1%), Venezuela (-1.4%), and Haiti (-8.5%).

As a whole, the region’s Gross Domestic Product (GDP) is forecast to be in the 4 to 5% range in 2011, a rate similar to that expected of the East Asian Tigers. Inflation rates this year are also expected to remain below two digits at around 6 to 7%.

Top Comments

Disclaimer & comment rules
  • Pirat-Hunter

    Mercosur seem to be doing a lot better with out the EU stealing everything to provide themselves the raw materials to employ themslves with mercosur resources, I have a slogan for the meetings, I am sure everyone will love it, “NO DEAL IS BETTER THEN A BAD DEAL” someone in mercosur stated that.

    Apr 15th, 2011 - 08:59 am 0
  • Tte Estevez

    I agree completely with you PH.Having relations with EU and others countries,outside the regions,has created more harm than good...

    Apr 15th, 2011 - 11:53 am 0
  • malen

    I also agree. Better whithout europe....

    Apr 15th, 2011 - 11:18 pm 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!