Omar Saravia
GWS 340
The Lost Decades
The decade of the 1980’s marked one of the worst economic recessions
experienced by third world countries all around the world. Out of the many
countries affected, Latin American and African countries were the ones that were
greater consumed by this economic plague. Annual growth rates in GDP and net
capital transfers steadily declined in these years. In addition, inflation and budget
deficits spread uncontrollably. At this difficult time, people were losing their jobs,
salaries decreased, and sectors in education and health deteriorated. It seemed as if
all hope was lost and many believed drastic measures had to be taken to rebuild the
