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Central Bank: Economy Will Slow Down Two Perecentage Points; Jobs Will Be Lost

The government estimates the economic impact in the country will be US$2580 million dollars in more than a month of political and social instability

The president of the Banco Central de Nicaragua (BCN), Ovidio Reyes, said on Monday that Nicaragua’s economy will drop two percentage points, due to the effects caused the political crisis and social instability in the country during the last month.

The president of the Central Bank, Ovidio Reyes, said that as a result of a lower economic dynamics in the country, due to the political crisis and social instability, will stop generating some 58,300 jobs.

Affected are tourism, trade, foreign investment and exports sectors.

The BCN revised its economic growth rate, projecting a growth of between 3% and 3.5%. At the beginning of the year the project growth was between 4.5% and 5%.

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Reyes, present in the national dialogue, recalled Monday that “Nicaragua was one of the most dynamic economies in Latin America.”

He also mentioned that the expectation was that “we would grow more” this year.

However, he acknowledged that the conflicts, which have provoked mass demonstrations against the Government, roadblocks, more than 70 people killed and hundreds wounded and disappeared, have hit the country and therefore the economy will no longer grow at the same pace.

In 2017, according to the Banco Cantral, the country’s gross domestic product experienced a growth of 4.9%, so that if this year were to grow by 3%, the slowdown would be around two percentage points.

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Ovidio Reyes also asserted that as a result of the country’s lower economic dynamics, some 58,300 jobs will be lost.

Source (in Spanish): El Nuevo Diario

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