New Trends in Latin America and the Caribbean
Progress in Democracy & Economic Reform
- Democratization encompassing the whole region (Differentials by countries)
- Economic reform in progress, based on the market mechanism (privatization, trade liberalization, small government)
- Recovery of growth -- Annual average 3.2% in 91-93 & 3.7% in 94
- No More Hyperinflation -- Annual average 25% in 95 (compared with 887.6% in 93)
- The slow down of economic growth in 95 (the "Tequila" effect)
- The financial crisis has been controlled by international financial supports
- Continuity is ensured for the rest of the century by the series of presidential elections (in Brazil, Argentina, Chile, Peru etc.)
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FROM
THE LOST
DECADE OF
THE 80s
TO
THE NEW
DECADE OF
STABILITY & PROGRESS
OF
THE 90s
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Dynamic Force Under Way for Intra-Regional Cooperation & Integration
- Positive efforts by OAS & Rio Group for democratization in the region
e.g. : Peru, Haiti, Guatemala
- Progress in subregional economic integrations
e.g. : NAFTA, MERCOSUR, FTAA, linkage with EU, etc.
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Pursuance of International Cooperation
- Contributions through the UN etc. to the world community (PKO, NPT, etc.)
- Cooperation with the international financial community
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Emerging Interest for Asia-Pacific
- APEC (participation of Mexico & Chile)
- Expansion of economic exchange with Asian countries
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