DOCSLIB.ORG

Central American Bank for Economic Integration Office of the Chief Economist

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Central American Bank for Economic Integration Office of the Chief Economist Central American Bank for Economic Integration Office of the Chief Economist 1 Central American Bank for Economic Integration Office of the Chief Economist The economic situation report presents a broad analysis of the world's macroeconomic performance and a focused analysis of the Central American region. The report was prepared under the leadership of Florencia T. Castro-Leal PhD Chief Economist of CABEI. Research and drafting were carried out by Miguel Ángel Medina Fonseca (Economist) and Carmen Elisa Méndez (Junior Economist), the revision was overseen by Armando Enrique Navarrete (Principal Economist) and CABEI Secretariat provided the English translation service. The content of this publication is the responsibility of the authors and does not necessarily reflect the official position of CABEI. 2 Central American Bank for Economic Integration Office of the Chief Economist CONTENTS I. VACCINATION AGAINST COVID-19 IS MAKING PROGRESS BUT HERD IMMUNITY WILL BE ACHIEVED AFTER 2021 ..................................................................................................................................................... 4 II. WORLD ECONOMY PRESENTS POSITIVE ECONOMIC PROSPECTS FOR 2021 .............................................. 10 III. CENTRAL AMERICA PRESERVES MOMENTUM WHILE FISCAL CHALLENGES PERSIST ................................. 17 ANNEX 1. FOREIGN CURRENCY LONG-TERM SOVEREIGN DEBT RATING ........................................................... 23 REFERENCES ......................................................................................................................................................... 24 3 Central American Bank for Economic Integration Office of the Chief Economist MONTHLY ECONOMIC SITUATION REPORT JANUARY 2021 I. VACCINATION AGAINST COVID-19 IS MAKING PROGRESS BUT HERD IMMUNITY WILL BE ACHIEVED AFTER 2021 The second wave of COVID-19 is registering mixed results around the world in 2021. The virus has infected more than 95.8 million people (about 1.2% of the world population), of which 68.4 million have recovered and 2.0 million have lost their lives, with a mortality rate of 2.1%. The American and European continents have the highest number of confirmed cases globally, with 40.5% and 28.9% as of January 18. The United States (U.S.) is the most affected country, registering more than 150,000 new cases per day since mid-November; on January 8, 2021, it peaked at more than 308,000 daily cases. The six countries with the highest number of confirmed cases are Brazil, Russia, France, The United States, India, and the United Kingdom, representing 55.9% of total cases. The first three are showing an upward infection curve, while the remaining contagion is slowing. Figure 1. New daily cases of COVID-19 in the world (7-day rolling average) Source: Our World in Data with information of de Johns Hopkins University CSSE COVID-19 as of January 18, 2021. https://ourworldindata.org/coronavirus 4 Central American Bank for Economic Integration Office of the Chief Economist Graph 1. Evolution of daily-confirmed cases of COVID-19 in the world's most affected countries. Source: Office of the Chief Economist with information from Johns Hopkins University, Coronavirus Resource Center as of January 18, 2021 https://coronavirus.jhu.edu/data/new-cases Latin America and the Caribbean region show heterogeneous results. While in Brazil, Colombia, Peru, Mexico, Chile, Guatemala, El Salvador, Honduras, and the Dominican Republic, new cases are increasing, others such as Argentina, Belize, Nicaragua, Costa Rica, and Panama remain constant or with downward trends. Central American confirmed cases exceed one million people. More than 715,000 patients have recovered, 20,082 registered deaths with a mortality rate of 2.0%, lower than that of the rest of the world. Nevertheless, there are variations at the country level, which may be due to underreporting the number of confirmed cases associated with asymptomatic people. 5 Central American Bank for Economic Integration Office of the Chief Economist Graph 2. Cumulative confirmed cases, number of deaths and mortality rate (number of persons and percentage). Source: Office of the Chief Economist with Woldometers COVID-19 Coronavirus Pandemic information as of January 18, 2021. https://coronavirus.jhu.edu/data/new-caseshttps://www.worldometers.info/coronavirus/#countries Eight COVID-19 vaccines were approved in recent weeks. The Pfizer / BioNTech and Moderna vaccines were registered in 50 and 36 countries, respectively, making them the most widely approved in the world. CABEI partner countries have focused on three vaccines: Pfizer / BioNTech has been approved by Argentina, Colombia, Costa Rica, Spain, Mexico, and Panama; AstraZeneca / Oxford for Argentina, El Salvador, Mexico and the Dominican Republic; and Sputnik V de Gamaleya for Argentina. Figure 2. Vaccines approved throughout the world. Source: COVID-19 Vaccine Tracker as of January 18, 2021. https://covid19.trackvaccines.org/vaccines/ 6 Central American Bank for Economic Integration Office of the Chief Economist Israel is one of the leading countries implementing the vaccination plan. 2.16 million Pfizer shots were administered as of January 18, 2021, corresponding to almost 25% of its population; reports show a 50% reduction in infections. Rapid vaccination was due to an agreement between the pharmaceutical company and Israel. The country would give Pfizer access to several medical databases on people receiving the dose, thus becoming a "laboratory." The vaccine information provided by Johnson and Johnson's has raised expectations. Preliminary findings indicate that a single injection generates more neutralizing antibodies than a single dose of other COVID-19 vaccines. While others depend on a two-dose regime. The Norwegian Medicines Agency warned that vaccines against Covid-19 with mRNA technology could be fatal for a population group. People over 80 years of age and terminally ill may be at risk of side effects (fever and nausea) and fatal outcomes with the application of Covid-19 vaccines developed with mRNA technology. After 23 deaths of older people were registered shortly after receiving the vaccination. The United Kingdom reported a variant strain of a more contagious COVID-19 virus, which has spread to at least 33 countries worldwide. On December 14, 2020, U.K. authorities informed the World Health Organization of a new variant strain of SARS-CoV-2. They also imposed containment measures at the end of December and early January. Meanwhile, several countries worldwide reacted to this situation by imposing travel restrictions to the United Kingdom. Preliminary analysis available of the strain indicates the following1: - The presence of 14 mutations defines this. - It can spread more easily among people as this variant is more contagious than the previous viruses in circulation and represents an estimated increase of 40% to 70% in transmissibility. - Studies are underway to verify the efficacy of the approved vaccines to the variant strain. Preliminary results indicate that the Pfizer/BioNTech vaccine could be effective against the new variants in the United Kingdom and South Africa, according to a study conducted by scientists from Pfizer and the University of Texas Medical Branch (UTMB)2 of the United States. - No significant differences in hospitalization or death rates were found. It does not cause a more severe illness or an increase in mortality3. The pandemic is expected to end in the United States in the second half of 2021. The United States could reach the pandemic's epidemiological end (herd immunity) in the third or fourth quarter of 2021. In this regard, President-elect Joe Biden will implement a strategy that includes: i) expanding eligibility to vaccinate more 1 Organización Mundial de la Salud. (21 de diciembre 2020). Cepa variante del SARS-CoV-2 – Reino Unido. https://www.who.int/csr/don/21-december-2020-sars-cov2-variant-united-kingdom/es/. 2 Pfizer Inc. (January 8, 2021). An In Vitro Study Shows Pfizer-BioNTech COVID-19 Vaccine Elicits Antibodies that Neutralize SARS-CoV-2 with a Mutation Associated with Rapid Transmission. https://www.pfizer.com/news/press-release/press-release-detail/vitro-study- shows-pfizer-biontech-covid-19-vaccine-elicits. 3 Science Alert. (1 January 2021). New Coronavirus Variant Now in US And UK Doesn't Cause More Severe Illness. https://www.sciencealert.com/new-coronavirus-variant-now-in-us-and-uk-doesn-t-cause-more-severe-illness-says-study. 7 Central American Bank for Economic Integration Office of the Chief Economist people; ii) creating more vaccination sites; iii) increasing the supply and distribution of vaccines; iv) mobilizing more staff to support the vaccination effort; and v) launching a campaign of public education aimed at those who hesitate to get vaccinated. The main goal is to ensure equitable access to the vaccine throughout the country. However, important questions remain concerning vaccines, such as long-term safety, timely and effective distribution, and public acceptance. The main factors that will determine when herd immunity is reached are4: - The approval of the vaccine for use in minors. - Information on reducing disease transmission from inoculated persons. - The determination of the seroprevalence (percentage of the population that has developed antibodies against COVID-19), given that some geographical areas of the country would be closer to collective immunity than others. - The result of the studies on how long the immunity
Load more

Recommended publications
  • Guatemala's Sugar Industry Review on Child and Forced Labor and Land Rights in Guatemala's Sugar Industry Background
    The Coca-Cola Company Review on Child and Forced Labor and Land Rights in Guatemala's Sugar Industry Review on Child and Forced Labor and Land Rights in Guatemala's Sugar Industry Background The Coca-Cola Company (TCCC) established industry-leading commitments to protect the land rights of farmers and communities in the world’s top sugarcane-producing regions, advancing its ongoing efforts to drive transparency and accountability across its global supply chain. In support of this goal, TCCC partnered with UL’s Responsible Sourcing group (UL) to conduct a research study examining the incidence and impact of child labor, forced labor and land rights issues in Guatemala. This study combines field assessments with robust qualitative research and stakeholder engagement to help improve TCCC’s commitments in the area of human rights and sustainable agriculture. Child Labor Forced Labor Land rights PURPOSE SCOPE APPROACH The purpose of this study The research and To examine incidences and is to provide a country stakeholder engagement the impact of child and forced specific baseline of the elements were extended labor and land rights issues at the country, industry and possible existence of to all sugar producers supply chain level, UL conducted child labor, forced labor, including supporting farms, plantations, and cooperatives customized field assessments and land rights issues in in the country. However, field at sugar mills and sugarcane TCCC’s sugar supply chain visits were only conducted at farms between April and May 2014, and conducted interviews in Guatemala, including TCCC suppliers, including a with relevant stakeholders in farms as well as the sugar sampling of their supporting Guatemala through January 2015.
    [Show full text]
  • Competition @ Latin America and the Caribbean
    Last updated: 17/08/2018 Competition @ Latin America and the Caribbean This document provides a list of competition agencies and government bodies from Latin America and the Caribbean. Most of them attend the OECD-IDB Latin American and Caribbean Competition Forum. Updates to this list can be sent to [email protected] or [email protected]. For more information about the forum, access: oe.cd/laccf. Name of authority/organisation Website Social media OECD Organisation for Economic Co-operation and www.oecd.org/competition/latinamerica Twitter #OECDcomp | @ocdeenespanol |@OECD | Development www.oecd.org/daf/competition @OECD_BizFin | Youtube | Flickr OCDE Organización para la Cooperación y el Desarrollo Económicos (OCDE) IDB / BID Inter-American Development Bank www.iadb.org/trade @BIDComercio | @the_IDB | @el_BID | Facebook | Banco Interamericano de Desarrollo Blog | Youtube | Youtube Spanish | Linkedin Andean Andean Community www.comunidadandina.org/ @ComunidadAndina | Facebook | Flickr | Youtube Community Argentina National Commission for the Defense of www.argentina.gob.ar/defensadelacompete #Argentina | @MinFinanzas Competition / Comisión Nacional de Defensa de ncia la Competencia Barbados Fair trading Commission of Barbados https://ftc.gov.bb/ Facebook Bolivia Autoridad de Fiscalización de Empresas www.autoridadempresas.gob.bo/ #AEMP | @MDPyEP_Bolivia AEMP (Ministerio de Desarrollo Productivo y Economía Plural) Brazil Conselho administrativo de defesa econômica www.cade.gov.br/ @portalbrasil (CADE) Secretaria de Promoção
    [Show full text]
  • Globalization: the Relationship Between the State and the Economy Michael Mena University of South Florida
    University of South Florida Scholar Commons Graduate Theses and Dissertations Graduate School 6-1-2004 Globalization: The Relationship Between the State and the Economy Michael Mena University of South Florida Follow this and additional works at: https://scholarcommons.usf.edu/etd Part of the American Studies Commons Scholar Commons Citation Mena, Michael, "Globalization: The Relationship Between the State and the Economy" (2004). Graduate Theses and Dissertations. https://scholarcommons.usf.edu/etd/1158 This Thesis is brought to you for free and open access by the Graduate School at Scholar Commons. It has been accepted for inclusion in Graduate Theses and Dissertations by an authorized administrator of Scholar Commons. For more information, please contact [email protected]. Globalization: The Relationship Between the State and the Economy by Michael Mena A thesis submitted in partial fulfillment of the requirements for the degree of Master of Arts Department of Political Science College of Arts and Sciences University of South Florida Major Professor: M. Mark Amen, Ph.D. Dajin Peng, Ph.D. M. Martin Bosman, Ph.D. Date of Approval: June 1, 2004 Keywords: power, sovereignty, global politics, national markets, Guatemala © Copyright 2004, Michael Mena Table of Contents List of Tables iii List of Figures v Abstract vi Chapter One 1 What is Globalization? 2 What is the State? 3 What is a National Economy? 4 What is an International Economy? 4 What is a Global Economy? 4 Research Design 6 Chapter Outline 8 Chapter Two 11 Plan 11 Globalization
    [Show full text]
  • Foreign Trade and Agricultural Employment in Guatemalapdf
    6. FOREIGN TRADE AND AGRICULTURAL EMPLOYMENT IN GUATEMALA Luis Linares, Pedro Prado, and Raquel Zelaya1 6.1 INTRODUCTION Agriculture is the prime source of employment in Guatemala with one of every three workers being employed in the sector. The effect of trade policy on agricultural employment is therefore likely to be an important determinant of the socio-economic consequences of trade in Guatemala. In this chapter several aspects of the relationship between trade and agricultural employment in Guatemala are discussed. This includes a description of the situation of agricultural employment; an analysis of trade in agricultural products; a description of changes in trade policy including the ratification of recent trade agreements; a quantitative analysis of the effects of trade on agricultural employment and a description of legal and institutional aspects relevant for employment in the sector. When characterizing employment in the agricultural sector, a comparison is made with workers in other sectors. Income and education levels among agricultural workers are discussed and so is the role of female employment in the sector. Importantly, the use of data from the Instituto Guatemalteco de Seguridad Social (IGSS) allows us to provide a picture of the role of social security coverage in the agricultural sector. The analysis of trade data pays specific attention to the evolution of traditional export products like bananas, coffee and sugar. The recent increase in non-traditional manufacturing exports is also analysed and a separate analysis is undertaken of the evolution of Guatemala’s export concentration both in terms of product and in terms of geographical concentration. 1The authors, who are staff members of the Asociación de Investigación y Estudios Sociales (ASIES), would like to acknowledge the collaboration of Orlando Monzón and Rubén Darío Narciso on this study.
    [Show full text]
  • Distributed By
    PB-224 371 AGRICULTURAL DEVELOPMENT IN CENTRAL AMERICA: ITS ORIGIN AND NATURE Rodolfo Quiros-Guardia Wisconsin University Prepared for: Agency.,for International Development January 1973' DISTRIBUTED BY: National Technical Information Service U. S. DE'ARTMENT OF COMMERCE 5285 Port Royal Road, Springfield Va. 22151 PB 224 371 A Research Paper lp LAND TENURE CENTER University of Wisconsin-Madisor Madison53706 Reproduced by NATIONAL TECHNICAL INFORMATION SERVICE US c,..nli.Id,OepaiellnSt VA.ci Commrie 22151 This paper is essentially an abbreviated version of the first'four chapters of the author's Ph.D. thesis, "Agricultural Development and Economic Integration inrCentral, America" (Department of'Agri|cultural Economi.cs, University of Wisconsin, Madison, 1971. -January 1973 R.P- iJo, 49 AGRIC'LTURAL DEVELOPMENT III CENTRAL AMERICA: ITS ORIGI! A,4,D IATrIRE .by Rodolfo Qu iros-Guardia* *The author is presently Director of the Central American Program fo Export Development (PROMECAly a specialized agency of the Permanent Secretariat of the General Treaty of Central America Economic Integration (SIECA) and of the Central American Economic Integration .ank (.CIV'. All views, interpretbtions, recommendations, and conclusions are those of the author and not necessarily those of supporting or cooperating organ izat ions. I Go= 3. lecipient's Accession No. BIBLIOGRAPHIC DATA 11.Repot' No. 12. SHEET LA'52-630.9728-Q8 I , i-r'- IA 4. Title and Subtitle 4 - 5. Report Dat 1973 "AGRICULTURAL DEVELOPMENT IN CENTRAL AMERICA: ITS ORIGIN AND January 6. NATURE" 78. Performing Organization Rept. 7. Author(s) No. Rodolfo Quiros-Guardia 10. _____________UitNo 9. Performing Organization Name and Address 10. Project/Task/Work Unit No.
    [Show full text]
  • World Bank Document
    Report No. 31191-GTNo. Report Report No. Guatemala 31191-GT Growth of SustainableRural Drivers Guatemala Drivers of Sustainable Rural Growth and Poverty Reduction in Central America Public Disclosure Authorized Public Disclosure Authorized Guatemala Case Study (In Two Volumes) Volume I: Executive Summary and Main Text December 31, 2004 Department of Environmentally and Socially Sustainable Development Latin America and the Caribbean Region Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized and Poverty Reduction in Central America Volume I America Volume Reduction in Central and Poverty Document of the World Bank Public Disclosure Authorized Public Disclosure Authorized Table of Contents VOLUME I Abbreviations and Acronyms ............................................................................................. ii Acknowledgements........................................................................................................... vii Foreword..........................................................................................................................viii Executive Summary............................................................................................................ ix 1. Introduction................................................................................................................1 2. Characterization of the Guatemalan Rural Economy and Policy Directions............. 8 3. Spatial Analysis of Rural Guatemala......................................................................
    [Show full text]
  • Boosting South-South Cooperation in the Context of Aid Effectiveness
    Boosting South-South Cooperation in the Context of Aid Effectiveness Telling the Story of Partners Involved in more than 110 Cases of South-South and Triangular Cooperation South-south.indd 1 19/03/2010 04:20:46 p.m. South-south.indd 2 19/03/2010 04:20:46 p.m. Contents Foreword 5 The Task Team on South-South Cooperation at a Glance 7 1. What Is The Task Team On South-South Cooperation? 7 2. Why Does Ssc Matter In The Context Of Aid Effectiveness? 7 3. TT-SSC: A Six-Month Journey 8 South-South cooperation in the context of aid effectiveness Telling the story of partners in 110 cases of South-South and triangular cooperation 9 1. Executive Summary: Boosting South-South cooperation in the context of aid effectiveness 9 2. South-South cooperation in practice: The case story process 10 3. Meeting the triple mandate of the AAA 12 Acronyms 35 Case stories Overview 37 Africa 37 Asia Pacific 38 Latin America and the Caribbean 38 Global 39 Asia Pacific 53 Latin America and the Caribbean 64 Global Cooperation 87 Contenst 3 South-south.indd 3 19/03/2010 04:20:46 p.m. Credits 89 Concept Note Implementing Accra: South-South cooperation in the context of aid effectiveness 91 Executive summary 91 1. Purpose 92 2. Background 93 3. Understanding SSC in the context of aid effectiveness 93 4. Hypotheses: Unpacking the Accra mandate 95 5. Actors and platforms: Toward partnerships and complementarities 96 Acronyms 98 Anexos 99 Annex 1 Analytical work of the TT-SSC—The way to Seoul 2011 99 Annex 2 SSC in the context of aid effectiveness: Hypotheses emerging from the AAA 100 Annex 3 Preliminary bibliography 104 4 Boosting South-South Cooperation in the Context of Aid Effectiveness South-south.indd 4 19/03/2010 04:20:46 p.m.
    [Show full text]
  • The Central American Customs Union: Potential Economic and Social Impacts
    November 2018 ORIGINAL: SPANISH Economic Commission for Latin America and the Caribbean (ECLAC) The Central American Customs Union: potential economic and social impacts This document, which has not been submitted for editorial review, was developed by the Regional Integration Unit of the International Trade and Integration Division (ITID) of ECLAC. The drafting of the document was prepared by José E. Durán Lima, staff member of the International Trade and Integration Division. Zebulun Kreiter, staff member, and Marcelo Pereira Dolabella, consultant, contributed to the elaboration of the study. Contents I. Background .................................................................................................................................................. 3 II. Literature review on methodologies to assess the impact of trade facilitation programs ............................. 4 A. Gravity models as a tool to estimate administrative costs ........................................................................ 5 B. Computable general equilibrium models and trade facilitation ................................................................ 8 III. Current state of the Central American Customs Union, and evaluation scenarios of ongoing initiatives 11 A. Tariff and non-tariff protection .............................................................................................................. 11 B. Value chains and intraregional trade .....................................................................................................
    [Show full text]
  • Pdf | 183.22 Kb
    25 June 2009 General Assembly DEV/2751 ECO/154 Department of Public Information • News and Media Division • New York Conference on World Financial and Economic Crisis 3rd, 4th & 5th Meetings (AM, PM & Night) DELEGATES CALL FOR SWIFT MEASURES TO RESTRUCTURE INTERNATIONAL FINANCE BODIES, ON SECOND DAY OF UNITED NATIONS CONFERENCE ON WORLD FINANCIAL CRISIS Ecuador ’s President Says Current Economic Order ‘Clan of the Powerful;’ Need for Global Stimulus, Shape of Reform among Issues Raised by Over 50 Speakers Decrying a world economic order that had rewarded the powerful, marginalized the poor and promoted an unbridled capitalism that ignited unprecedented financial contagion, General Assembly delegates today urged swift and concerted measures to restructure international finance bodies and forge people-centred policies that addressed human security. In a marathon second day of the Conference on the World Financial and Economic Crisis and its Impact on Development, more than 50 speakers took the floor over three meetings to assess the severity of the current situation, offering ideas about how to bring economic growth back into positive territory, stimulate credit and investment flows, create jobs and breathe new life into stalled trade talks. Newly elected Ecuadorian President Rafael Correra said the current international system was like a “clan of the powerful” that talked about equality, but did not treat anyone fairly. To change the situation, he proposed the creation of a development bank for the South, whose goal would be to finance development projects and, thereby, improve systemic competitiveness. Linked to that would be a common reserve fund for his region -– Latin America -– which would give countries a choice as to where to deposit some $200 billion that had thus far been placed in banks of the global North.
    [Show full text]
  • Final Report of the XXV Meeting of International Cooperation Directors for Latin America and the Caribbean
    Sistema Económico Latinoamericano y del Caribe Latin American and Caribbean Economic System Sistema Econômico Latino-Americano e do Caribe Système Economique Latinoaméricain et Caribéen Final Report of the XXV Meeting of International Cooperation Directors for Latin America and the Caribbean. Cooperation and migrants’ remittances: Impact on savings, investment and development XL Regular Meeting of the Latin American Council Caracas, Venezuela 26 to 28 November 2014 SP/CL/XL.O/Di Nº 18-14 Copyright © SELA, November 2014. All rights reserved. Printed in the Permanent Secretariat of SELA, Caracas, Venezuela. The Press and Publications Department of the Permanent Secretariat of SELA must authorize reproduction of this document, whether totally or partially, through [email protected]. The Member States and their government institutions may reproduce this document without prior authorization, provided that the source is mentioned and the Secretariat is aware of said reproduction. Final Report Economic and Technical Cooperation XXV Meeting of International Cooperation Directors for Latin America and the Caribbean. Cooperation and migrants’ remittances: Impact on savings, investment and development Antigua, Guatemala 5 and 6 June 2014 SP/XXV-RDCIALC/IF-14 Copyright © SELA, June 2014. All rights reserved. Printed in the Permanent Secretariat of SELA, Caracas, Venezuela. The Press and Publications Department of the Permanent Secretariat of SELA must authorise reproduction of this document, whether totally or partially, through [email protected]. The Member States and their government institutions may reproduce this document without prior authorisation, provided that the source is mentioned and the Secretariat is aware of said reproduction. Informe Final SP/XXV-RDCIALC/IF-14 CONTENTS RAPPORTEUR’S REPORT 3 A.
    [Show full text]
  • GENERAL AGREEMENT on L/5270 12 January 1982 TARIFFS and TRADE Limited Distribution
    RESTRICTED GENERAL AGREEMENT ON L/5270 12 January 1982 TARIFFS AND TRADE Limited Distribution Original: Spanish CENTRAL AMERICAN COMMON MARKET Report by the Permanent Secretariat of the General Treaty of Central American Economic Integration In accordance with the Calendar of Biennial Reports with respect to regional agreements adopted by the Council (L/5158), the Permanent Secretariat of the General Treaty of Central American Economic Integration (SIECA) has submitted •t the following report. In response to your letter (reference: XXIV/208),I have the honour to forward to you herewith a document entitled "Developments in the Central American economy: 1978-1980". This document, prepared by this Permanent Secretariat for the governments of the member countries of the Central American Common Market, reflects the economic situation prevailing in the sub-region in recent years. Accordingly, we believe it meets the requirements of your letter and we would be glad if it could be reproduced in full for the information of the contracting parties to GATT. « L/5270 Page 2 DEVELOPMENTS IN THE CENTRAL AMERICAN ECONOMY: 1978-1980 INTRODUCTION On 4 May this year a Meeting of Ministers responsible for Central American economic integration was convened in San José, Costa Rica; the Ministers of Costa Rica, El Salvador and Nicaragua attended the meeting which, in view of the fact that the Ministers of Guatemala and Honduras were unable to be present, did not have the formal character originally envisaged in the invi­ tation sent out by the Minister of Costa Rica. On that occasion, the Ministers present requested the secretariat to prepare certain documents to serve as background material on the basis of which the Meeting of Ministers responsible for Central American economic integration could adopt measures and make arrangements to reactivate and strengthen the Central American Common Market and adapt it to present realities in the sub-region.
    [Show full text]
  • Our Commitment, Your Success
    N E Our commitment, your success .com 2019 Yearbook 2019 Much like a person, a frm can be defned, not for what is says, or what is said about it, but rather for what it does. With this brochure we would like to offer you a brief selection of some of the work that we have be doing during 2018: A few of the many exciting projects that our clients have put in our hands. Given the great diversity of the geographical markets and economic sectors in which we operate, it is impossible to be exhaustive. We would just like to present a selection of our work that serves to give an idea of what we are, in terms of our technical and professional capacity, and the large number of countries in which we provide our services. I would like to point out an aspect which is diffcult to simply express with some impressive photos, a list of activities, or a detailed description of the technological complexity of a project: Attitude. The attitude of IDOM, the mindset of IDOM professionals is not just to solve the needs and problems of our clients with effective, technologically advanced and Luis Rodríguez Llopis Ignacio Rey Gómez sustainable solutions. We make the effort to go one step further. We believe that what President CEO – Industry, Energy & Environment distinguishes us, is our commitment to do everything possible so that, despite the challenges, diffculties and unforeseen circumstances, from the perspective of the client, our projects are a success. Because the success of our clients is our success.
    [Show full text]