Latin American and Caribbean economies continue healthy growth in 2006 and 2007

My optimism about the region's stability and growth are confirmed by the December 2006 report of the Economic Commission for Latin America and Caribbean (ECLAC).
Highlights of the report:

- Growth rate in 2006 was 5.3 %, after 4.5% in 2005 and 5.9% in 2004.. Projection for 2007 is 4.7 %.
- Highest growth Venezuela 10%, Dominican Republic 10%, Argentina 8.5% , Peru 7.2 % and Colombia 6%, Trinidad and Tobago 12%
- Brazil's growth in 2006 was 2.8%, projected 3.5% in 2007
- Mexico growth in 2006 was 4.8% , projection for 2007 is 3.8%
- Gross external debt declined to 633 bn dollars from 656 bn in 2005 and 761 bn in 2004. Brazil's debt was down to 156 bn$ from a high of 226 bn in 1999. Argentinian debt was down to 107 bn $ from 171 bn in 2005. Mexican debt was 130bn$ in 2006 down from 166bn in 1999.
- in 2006 Brazil, Argentina and Uruguay repaid their entire debt to IMF ahead of schedule. The level of debt for the region has come down to just 24% of GDP from 42.4% in 2002.
- Foreign exchange reserves increased by 16 % to 295 billion dollars.
- Total exports increased by 21% to 677 billion dollars, while imports increased by 20% to 574 billion dollars. Trade surplus was 103 billion dollars.
- The region produced a surplus on the balance of payments current account for the fourth consecutive year, an unprecedented performance.
- FDI in the region in 2006 was 34 billion dollars, down from 49 billion in 2005. Mexico got 17 billion followed by Brazil 7 bn, Chile 6.6 bn, Colombia 4 bn, peru 3.5 bn and Ecuador 3 bn.
- Inflation was down to 4.8% in 2006 from 6.1% in 2005. Average inflation in the last ten years is 8.45 %. Highest inflation was in venezuela 15.8% followed by Haiti 11.8%, Argentina 10% and Trinidad and tobago 10%. All other countries had single digit inflation.