Recession likely in CentAm this year

Guatemala: Central America may be hit by recession in 2009 if world economic situation further deteriorates, warns a report of the Monetary Council of the isthmus released in Guatemala on Tuesday.

The document says that international crisis is quickly hitting the region by a fall in exports, remittances, tourism and foreign direct investment.

According to projections in the text, Central American economy will be less dynamic this year, growing 0-1 percent, but if situation worsens, the Gross Domestic Product will contract to -1.6 percent.

Prensa Latina