Weekly Report - 13 July 2004

EL SALVADOR | Growth forecast downgraded. The central bank has lowered its GDP growth forecast for this year from 2.5%-3.5% to 1.8%-2.3% on the strength of a poorer-than-expected first-half performance. Bank president Luz Marí­a de Portillo and finance minister Guillermo López lay much of the blame on the delay in approving this year's budget by the opposition-dominated congress; this is dismissed as politicking by Ana Lilian Vega, head of the Universidad Centroamericana's economics department.

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