Instability, Confusion and Economic Deceleration

Faced with the advance of the coronavirus epidemic, businessmen in the region are asking citizens to follow only official recommendations to avoid giving way to disorienting versions that only contribute to generate instability and uncertainty.

Tuesday, March 10, 2020

In Central America, two countries have registered people infected with the virus. Costa Rica was the first to report cases of COVID-19 (also known as coronavirus) and so far the nation has registered nine infected people. Panama made its first case official on 9 March.

See "Coronavirus: What are the Impacts for the Region?"

Faced with this situation, the Panamanian business sector has issued a statement urging the country's businesspeople and workers to remain calm and replicate the "Health and Labor Promotion, Prevention and Control Measures to Prepare for Possible Cases of COVID-19," adopted jointly by the Ministry of Health and the Ministry of Labor and Labor Development.

The statement from the Chamber of Commerce, Industry and Agriculture of Panama (CCIAP) states that "... Only compliance with such recommendations, which include paying attention only to official information, will avoid giving way to disorienting versions that only contribute to promote instability and confusion."

In this context, a global economic slowdown is predicted. An article in Martesfinanciero.com explains that "... the transport of goods, very dependent on Chinese trade, is impacted by this phenomenon that has affected the activity of the ports and the demand for raw materials from China."

Also see "Coronavirus: Every Crisis Brings an Opportunity"

The text adds that "... In addition to the immediate logistical problems, there is a slowdown in Chinese demand in the short and medium term, since China alone accounts for about 35% of dry bulk imports by sea in the world."

The current emergency opens the debate about the opportunities for countries like Panama, because as a logistic center in the region, it must prepare itself to have the capacity to guarantee the supply of goods to neighboring countries in the future.

See the CCIAP press release and the article "Coronavirus makes global logistics gear shake."



More on this topic

Coronavirus: Proposal of the Industrial Sector

March 2020

In order to mitigate the effects that will derive from the covid-19 crisis, businessmen of the industrial sector of Guatemala ask the government to adjust the measures in aspects such as banking, credit, labor and tax.

Economic activity will be reduced, which we are already experiencing.

Business Resilience in Times of Crisis

March 2020

Identifying critical business needs and setting up plans on how to maintain supplies and operations, as well as establishing communication channels with suppliers to be informed in case of any eventuality, are part of the advice for companies.

The coronavirus has already affected the world economy, and its effects do not seem to stop.

Coronavirus: What are the Impacts for the Region?

February 2020

Business people in Central America agree that because of the virus that has been spreading from China, global supply chains have been disrupted and commodity prices have fallen.

An analysis by the Guatemalan exporters' union states that among the risks identified as a result of the outbreak of the coronavirus (a highly contagious disease that emerged in the city of Wuhan, in central China), is the possible irruption to the supply chains of Guatemalan industries, by identifying that China has become one of the 3 main countries of origin of Guatemalan imports.

China to Impose Agricultural Controls Over Zika

September 2016

The country has established greater inspection controls on shipments of fruits and vegetables in order to avoid larvae and mosquitoes carrying the Zika virus from gaining a foothold.

From a statement issued by PROCOMER:

As a result of the United States being officially on the list of countries infected by Zika, exporters who send fruit to China will have to take extra precautions before exporting to the asian country.

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