Although expectations for the end of 2021 are good for the Guatemalan economy, there is uncertainty regarding what will happen in the second part of the year, as the vaccination process is progressing slowly.
According to World Bank forecasts published in June 2021, it is expected that at the end of the year, Guatemala's Gross Domestic Product will grow 3.6% year-on-year. See report "Global Economic Prospects".
For the international organization, during 2020, Guatemala's economy showed resilience, since in the context of the crisis caused by the Covid-19 outbreak, the GDP contracted only 1.5%.
According to the International Monetary Fund, in a context of favorable specialization of production and exports, resilience of remittances, and unprecedented support from monetary and fiscal policies, the drop in Guatemalan production was minimal compared to that reported in other Central American countries.
In order to have access to the vaccine against Covid-19, the number of people traveling abroad by air has increased in Guatemala in the last months, being the United States the main destination to which Guatemalans travel.
Data from the Guatemalan Institute of Migration (IGM) show that in the fifth month of the year there was an increase in the number of people who decided to travel abroad, most of them in search of access to the vaccine against the coronavirus.
As the pandemic has changed the ways of accomplishing tasks and telecommuting has gained ground in all markets, flexibility in terms of where and when to work will be one of the factors most valued by employees in this new reality.
The threats caused by the spread of Covid-19, caused companies globally to look for new ways of working. Most teams chose to readjust their dynamics and focused on promoting remote work.
Last year in Costa Rica, the office market vacancy rate doubled from 7.45% in the first quarter of 2020 to 15.15% in the same period of 2021, a rise that was largely induced by the implementation of telecommuting.
In this context of health crisis that was triggered by the spread of Covid-19 several companies changed their work dynamics, with migration to telecommuting being one of the most important changes.
During March 2021, the Monthly Index of Economic Activity registered a -6% year-on-year variation, a decrease that is attributed to the effects of the sanitary emergency caused by Covid-19.
According to the most recent report of the General Comptroller's Office of the Republic, the Monthly Index of Economic Activity (IMAE) accumulated from January-March 2021 showed a decrease of 10.06%, compared to the same period of 2020.
For Fitch, the delay in vaccination campaigns constitutes a latent risk of a prolonged pandemic, which would delay the recovery of the region's economies and would cause negative pressures on the risk ratings to be issued in the coming months.
Fitch Ratings issued a bulletin for Mexico, Central America and the Caribbean on May 25, in which it warned that given the deep economic contractions in the region and the moderate recovery outlook, there are threats of negative rating pressures.
After more than a year of not flying to the Central American country due to the health crisis, the Mexican airline confirmed that as of July 1 it will resume operations to Nicaragua.
The airline plans to cover the route between Mexico City and Managua on Tuesdays, Thursdays and Saturdays. Flights will depart from Mexico at 9:10 a.m. and will arrive in the Nicaraguan capital at 10:55 a.m., and the departure from Managua will be at 12:00 p.m. to arrive in the Mexican capital at 3:55 p.m.
As a result of the shortage of tires and the increase in the cost of maritime freight, Costa Rican importers of Chinese tires estimate that prices in the local market have increased about 40% in recent months.
Representatives of Tire Kingdom, a company that imports tires manufactured in China in Costa Rica, foresee that due to the increase in prices, the main advantages of these tires could be reduced or disappear.
Arguing that the significant progress achieved to control the Covid-19 pandemic is put at risk, the Panamanian government decided to temporarily suspend the entry into its territory by land, sea and river, of all persons coming from the border with Colombia.
The Republic of Panama expresses its concern regarding the decision of the Government of the Republic of Colombia, contained in the Resolution of the Ministry of the Interior 0667 of May 19, 2021, by which they determine the opening of the maritime, land and fluvial crossings in the common border, highlights an official statement.
After vehicle sellers in Guatemala in 2020 faced a complex panorama as a result of the crisis caused by the pandemic, during the first quarter of the year a 30% y-o-y increase in the number of new imported units was reported.
Statistics from the Superintendence of Tax Administration (SAT) detail that in the first three months of 2021, close to 9,300 new vehicles were imported in the country, a figure that exceeds by 30% what was reported in the same period of 2020.
Panama has a new regulation that establishes requirements on materials, environment for the operation, design, manufacture, labeling, use, washing and final disposal of reusable fabric masks for personal use outside sanitary facilities.
The initiative, which applies to establishments dedicated to the industrial and artisanal manufacture of hygienic cloth masks, as well as their storage and distribution, is based on international standards; providing traders with the tools that will allow them to offer quality products and help in the protection against the Covid-19 virus, informed the Ministry of Commerce and Industries (MICI).
Some of the innovations that the Guatemalan chain Pollo Campero has implemented in this new commercial reality include investing in the implementation of establishments that serve only home delivery service and setting up open spaces to serve more consumers.
As a result of the spread of Covid-19, restaurant chains were forced to close the table area. In this context, companies focused on mitigating their economic losses through food delivery sales.
As a result of the reduction of the permitted capacity for meetings and events to be held in Costa Rica, businessmen of the sector will have to adjust their expenses and contain costs in a better way.
In order to contain the advance of the pandemic, during the rest of the month of May, capacity reductions and restrictions to the circulation of vehicles will be applied, measures that will be applied throughout the national territory.
Through a press conference, the Costa Rican Government announced that as of May 13, sanitary measures will be applied, which will be based on the modification of some existing ones.
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