Page 30 - The Summit of the Americas 2021

INSIDER

One Year of Crisis: Central America’s economic recovery proceeding at
different rates

Twelve months after Central America Guatemala recovered “the dynamism” among the most damaged.
began a health and economic crisis of its economic activity most quickly. El Salvador and Honduras have been
triggered by the COVID-19 outbreak, The latest report from the central bank among the countries that are taking the
Guatemala was the fastest recovering indicates that after bottoming out in May longest to experience economic recovery:
economy and Panamanian economic last year, when production decreased 11% 2020 production levels decreased 6% and
activity is the slowest to return to pre- year-on-year, during December 2020 and 9%, respectively.
pandemic levels, according to a report in January 2021, increases of 5% and 3%, Panama is the economy that shows the
Central America Data in early March. respectively, were recorded. most damage, says the report. In May 2020
Following the lockdown that affected Nicaragua, which did not restrict the drop in economic activity exceeded
the Americas and the world in the first production, nevertheless saw a 3% decrease 31%, and although this improved in the
half of 2020, Central America began de- during 2020. This decline is because the following months, as of November of last
escalating its domestic quarantines in the country’s main trading partners faced year the year-on-year variation was -14%.
second half of the year, as it attempted severe economic crises, a situation that For a full report on the current status
to reopen its economies. Although few impacted local production levels. of business in Central America, look
restrictions still apply in the six countries Between December 2019 and up the “System for monitoring markets
of the region, economic recovery has December 2020, Costa Rican economic and the economic situation in Central
proceeded at different speeds, reports activity contracted 5%, with the American countries”, prepared by Central
CentralAmericaData.com. commercial and tourism sectors being AmericaData.com.

New Integration Bridge to link Brazil and Paraguay at Triple Frontier,
alleviating truck traffic in Ciudad del Este

A new bridge linking Brazil and Foz de Iguazu in Brazil to the Paraguayan will result in improved traffic flows, and
Paraguay promises to change traffic flows city of President Franco. The idea is that all with no heavy traffic going through Ciudad
in the Triple Frontier area where Argentina, lorries and containers use the new bridge, del Este, will likely increase tourism and
Paraguay and Brazil share a common leaving the original “Friendship Bridge” improve the shopping experience for
border. that links Foz De Iguacu and Ciudad visitors.
The “Integration Bridge financed by del Este for light vehicular traffic and More than 50% of the construction has
The Itaipú Binacional hydro electricity pedestrians. been completed to date, and the bridge is
company will provide a direct link from Proponents say that the new bridge expected to be operational by mid-2022.
JG

Rendering of new
Integration Bridge.

Eastern Airlines adds All flights will utilize Boeing B767-300
airlift to Latin America aircraft that seat 226 passengers. twice-weekly service to Guayaquil,
Ecuador and weekly service to Managua,
The Montevideo service Nicaragua.
Eastern Airlines will begin twice- announcement follows Eastern’s launch The airline resumed flights at MIA
weekly Montevideo-Miami service on June of weekly Asuncion-Miami service on three months after suspending operations
3, with direct service to Uruguay’s capital. January 5. Eastern also currently operates last March due to the pandemic.

The Virtual Summit of the Americas Issue April 2021 30