Introduction and Summary

In a global economy beset by concerns over a growth recession, financial volatility, and rising inflation, many countries in the Western Hemisphere have been among the few bright spots in recent years. Not that these countries were immune to the shocks that hit around the globe, especially the challenge posed by rampant food and energy price increases. Overall, however, economic growth has been resilient, balance sheets have remained strong, and financial institutions have been largely isolated from the turbulence that has affected their brethren in the industrialized world.