Don't be greedy, Guatemalan minister tells business leaders
Rómulo Caballeros, the Guatemalan economy minister, called on the nation's businessmen to keep inflation under control by moderating their profit margins.
Friday, May 30, 2008
Caballeros said that consumers were bearing the brunt of increases in prices that were caused by inefficient production. Businesses that raise their profit margins without doing the same for productivity will further reduce demand, he added.
Ministers of the Economy and Foreign Trade from Central America prepared a plan to jointly deal with the impact of the economic recession that will occur in 2009 in the region.
While officials from the IMF were announcing that Nicaragua is "among the countries at the point of going down because of high oil and food prices," the economy was feeling the consequences of another inflationary spiral, says Oliver Gómez in the Managua daily El Nuevo Diario.
After the dollarization of the economy, the cost of living grew as expensive as in Boston, in London, or in Moscow, with the exception that chaos, violence and lack of services rein here.
In Guatemala, employment is decreasing while the number of job seekers is increasing.
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