Inflation remained low and despite high population growth per capita incomes had almost doubled. This favorable situation was reversed in the decade of the 1990s. Growth rates tumbled to an average 3 to 4 per cent and poverty resurged to 33 percent of the population.
Inflation was in double digits, large current account and fiscal deficits escalated debt – GDP ratios to over 100 percent. The country’s foreign exchange reserves fell to less than $ billion, exports were stagnant, tax collection efforts were lackluster.