El Salvador: 20% Less Spending on Private Security
The private security services sector registered an $18 to $20 million decrease in sales in the last year.
Monday, May 18, 2009
The chairman of the Chamber of Commerce and Industry of El Salvador, Jorge Daboub, indicated in an article in Elsalvador.com that businesses were spending about $600 million a year before the economic crisis. Current investment has been reduced to $580 million a year, "this means that companies have had to make adjustments in private security recruitment."
In El Salvador, the state budget allocated to security is $500 million a year, while the total amount invested by private enterprises for self-protection is $600 million.
The statistic includes public and private spending and represents 10.8% of the country's GDP.
Costs related to crime in El Salvador top $1.2 billion each year, or 5.4% of the Gross Domestic Product.
Salvadorean businessmen fear that a proposed change in the arbitration law might place in danger judicial security and the arrival of investment in their country.
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