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Latin America Investment News on Viva Tropical

All Economic Eyes are on New President Otto, Will His Policies Encourage Growth?

Article Summary:

The arrival of a new government in Guatemala arouses the attention of several economic sectors that urge to fulfill the remaining tasks at hand. Banking, tourism, exporters and construction, among other sectors, optimism in the new President and his determination to succeed in establishing priorities to pursue development of the country.

Photo Credit: Prensa Libre

Original Article Text From Prensa Libre via Google Translate :

Economic Sectors are Optimistic About New Government

Banking, tourism, exporters and construction, among other sectors, are confident that each ministry are destined to succeed in establishing priorities to pursue development of the country.

Analysts said the Patriot Party still does not send clear signals about the handling of the economy, so you must set your stance on the demands facing the state, among these cases Railways and Iberdrola, the floating debt management, the infrastructure and human development.

Analysts predict that the country s economy, as measured by gross domestic product (GDP) in 2012 recorded a growth of 4.5%, higher than the projection made by the Monetary Board and in a few weeks ago who said that would be between 2.9 percent to 3.3 percent.

With these perspectives, Prensa Libre, sought feedback from various sectors for the expectations of the new administration.

Banking: Optimism
Grojec Luis Lara, president of the Bankers Association of Guatemala (ABG), said there is a strong optimism in the sector because it is observed that is awakening the requirement of credit, again indicating that there is interest in the business to invest.

“We believe that the signals given by the Government with the appointment of officials announced are good,” said Lara. He added that another positive aspect of working is security, which cataloged as the “problem number one” in the country.

“Another issue we need to GET WITH stronger the fiscal deficit, which also have shown positive signs of willingness to confront,” said the president of the ABG.

He stressed that close communication with the business sector has generated momentum, which he called “very positive” in an economic framework where investment is about to take shape billions of dollars in the fields of mining and electricity.

The regulatory issue Guatemalan financial system, the Industrial Bank also manager, said that for now the rules we have is good.

Lara also spoke of microfinance institutions, adding that the rules should include strong process controls to prevent having capacity to attract resources, some of them become “collectors ghosts.”

Travel: You must remove  
Vinicio Bobadilla, president of the Tourism Committee of the Guatemalan Chamber of Commerce (AmCham), said he can expect to reverse the decline in tourism that occurred in 2011.

To do this, said they hope the new government rearrange the Guatemalan Institute of Tourism (Inguat) and set you a mixed board, in addition to meeting the offer to improve security and justice, which will help to project a better image perception and country.

Along with this they have high expectations with the celebration of Oxlajuj B’aqtun time and change according to the Mayan calendar.

“The promises are part of the Patriot Party, who presented a work plan, and its officials expect results, maybe not as fast, but in the second half of 2012, when it should take off tourism,” he said, referring to work to do public and private sectors.

He sought to know the views of representatives of the Chamber of Tourism of Guatemala, Mariano Acevedo Beltranena and Maruja, but did not respond to requests for information. In October 2011 the tourism recorded a cumulative fall of 3% in foreign visitors and about 2010, and December is expected to be closed in a similar way. This year is expected to enter two million visitors and $ 1 000 500 million in foreign currency.

Industry association: Compliance
The promotion and enforcement of labor laws is the outlook for the sector worker, on the newly installed government.

Adolfo Lacs, general secretary of the Guatemalan Union of Workers (UGT), said they expect the new executive authorities to engage in the enforcement of laws for the working class.

“In Guatemala, impunity is a work that comes from the Ministry of Labour, employers, public prosecutors and the judiciary. Our expectation is that the new authorities eradicate this scourge, “he said.

Lacs said other elements that are linked and that will allow welfare workers in the country are safety, health and education.

“If the levels of health care and education are a priority for the new government, will affect the good performance of the laboring” he said.

In terms of employment generation, the representative of the UGT said that foreign investment, local and direct will be crucial to create new jobs, especially in the economically active population that is integrated.

“We must create conditions to attract investment and promote the country to generate jobs,” he said

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From Prensa Libre

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