Political Environment Favors Business Confidence

The electoral triumph of Alejandro Giammattei and the appointments he is making in his cabinet to assume next January 14, are the main reasons that explain the upturn that has had business confidence since July.

Wednesday, December 4, 2019

In November of this year, the Index of Confidence in Economic Activity reported a 28% growth with respect to the same month in 2018, a performance that reinforces the upward trend that has been registered since July 2019.

The upturn in business expectations coincide with the electoral triumph of Giammattei, who in August 2019 won the second round by a wide margin, concentrating 57.9% of the votes, a proportion higher than the 42.1% held by Sandra Torres, candidate of the National Unity of Hope.

For Emilio Ruiz, an analyst at the Social Studies Research Association (Asíes), "... Everything indicates that the improvement in the perception of the economy by decision-makers is attributed to the political environment, especially the election results last August, which gave the winner to Alejandro Giammattei Falla as president and César Guillermo Castillo Reyes as vice-president."

The business trajectory of the elected vice-president and the appointment of Antonio Malouf, who comes from the export and textile sector, as Minister of Economy, would be other facts that have favored the business climate.

Eduardo Girón, president of the Guatemalan Chamber of Industry (CIG), explained to Prensalibre.com that "... there has been a higher level of confidence since July, which is the product of the election season and the result of the elections."

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Alejandro Giammattei, Guatemala's new president, is hosting a country with weak institutions, legal uncertainty and a business sector that is asking for a less "hostile" environment for new investments.

After winning the presidential elections in August 2019, Alejandro Giammattei took office on Jan.

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A few days before the new government takes office in Guatemala, the Economic Activity Confidence Index reported a 21% year-on-year growth.

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Economic Growth: Businessmen's Predictions

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In Guatemala, 54% of businessmen believe that in 2020 the local economy will accelerate, 42% believe that stable growth will be reported and 4% believe that a slowdown could be reported.

According to the Third Business Perception Survey conducted by the Coordinating Committee of Agricultural, Commercial, Industrial and Financial Associations (Cacif), 67% of respondents expect greater growth of their companies and 56% expect more employment with the arrival of the new government.

Business Optimism on Election Day

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Two weeks before the General Elections in Guatemala, the business sector perceives a favorable environment for business because of the behavior of the country's economic activity.

According to the Business Perception Survey, compiled by the Coordinating Committee of Agricultural, Commercial, Industrial and Financial Associations (Cacif), 67% of the consulted businessmen foresee stability in employment and 50% thought that there is a stable economic environment for companies. These expectations of the private sector are reported in the final stretch of the country's electoral process.

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