Research Information System
Journal of Economics, Finance and Accounting - JEFA, vol.2, pp.301-312, 2015 (Peer-Reviewed Journal)
The countries of Latin America and Caribbean have had a modest performance in
terms of economic growth since 2000. In addition, Latin America and the Caribbean
has also been characterized as a region with a level of macroeconomic volatility
much higher than developed economies. From this point of view, the aim of this
study is to evaluate the economic performance of Latin American and Caribbean
countries during 2003-2013 periods. 13 countries namely Argentina, Bolivia, Brazil,
Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Panama, Peru,
Uruguay, Venezuela with highest GDP hold a position of importance in the Region.
Grey Relational Analysis is used for the outranking of countries using
macroeconomic indicators including total investment, gross national savings,
inflation, average consumer prices, volume of imports of goods and services,
volume of exports of goods and services, unemployment rate, general government
revenue, general government total expenditure, general government gross debt,
current account balance, gross product domestic (constant). Also annual
macroeconomic indicators are converted to single data set by using arithmetic
mean and weighted arithmetic mean (to be focused on recent years). This
combined data was also used for another economic performance evaluation. The
results of the empirical analyses show that Mexico and Dominican Republic ranked
as first and second. The growth in these countries was robust, lifted by
strengthening activity in the United States. In contrast, Argentina, Bolivia and
Venezuela were at the bottom. These countries encountered difficulties
maintaining sustained growth.