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LatinNews Daily - 08 January 2021

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In brief: Guatemala’s economy ministry upbeat on 2020 GDP growth

* Guatemala’s economy ministry has forecast that Guatemala’s GDP shrunk 2% in 2020 based on central bank (Banguat) preliminary data – less than the 3.5% contraction forecast in March 2020. The economy ministry highlights that this places Guatemala as the country with the best economic performance in Latin America in 2020, highlighting that the International Monetary Fund ranks it first in Latin America in terms of economic growth forecasts for 2020, followed by Paraguay (-4%) and Uruguay (-4.5%). The ministerial report attributes the performance of the economy to measures taken by the Guatemalan government to stop the spread of the coronavirus (Covid-19) and aimed at boosting economic recovery, which have been focused on attracting investment and generating jobs. It cites as an example of economic recovery efforts a strengthening of the national competitivity programme (Pronacom), a national government office. It highlights that despite restrictions, eight missions of potential investors visited the country last year, focussed on the sectors of construction, textiles, jewellery manufacturing, call centres, tourism, and hotels.