Crisis affects textile industry in Central America
The financial crisis in the US, a vital market for Central American exports, has reduced the demand for textiles, causing a lot of companies to close.
Monday, December 15, 2008
In CA the industry is also facing strong competition from China since 2005 when the textiles quotas in accordance with the World Trade Organization came into effect.
Lower economic activity and the rise in interest rates are signs that the economy is being affected by the financial crisis in the US.
A late-day decline once again pushed the markets down sharply, with the Dow falling more than 600 points.
The Lehman Brothers bankruptcy will not directly affect the Salvadoran financial and stock market, but analysts point to effects on the macro-economy.
The financial crisis will affect all Latin American countries, despite the fact that they are better position than in the past to withstand it, said Juan Jose Daboub, general director of the World Bank.
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