i n 2002 latin america wasn t able to escape its decades old pattern of sporadic development punctuated by economic and political turmoil but even in this environment uncer tainty the region s chemical industry stayed on feet made important strides argentina hampered three consec utive years recession took a turn for worse an effort spur growth government abandoned one dollar peso peg that stabilized flation causing value plunge more than end year november coun try defaulted world bank loans gross domestic product there declined 16 according international monetary fund brazilian economy was weather spillover from it also saw currency devaluation financial markets over election leftist luiz inácio lu la da silva as president caused uncertainty eroded real against nearly 70 during nevertheless brazil gdp managed grow 1 5 venezuela problems are politi cal
