indicators. Two main conclusions are highlighted. First, the country faces, today, a

reasonably comfortable situation in terms of external vulnerability, especially due to the

accumulation of a huge volume of international reserves and to a more favorable profile

of the external financing flows. This made the country less vulnerable to currency crises

or to short term problems of external financing. The second conclusion is that there

were no advances in overcoming the structural problems with the aim of mitigating

the external vulnerability in a more perennial manner, which would mean developing

conditions to control the cycles of expansion and contraction of the current account

balance, providing a more balanced trajectory and one that were compatible with a

reasonable and sustained rate of economic growth in the long term.

Keywords: external vulnerability; current account; balance of payments; exports;

external liabilities.

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