The International Monetary Fund (IMF) recently confirmed that NicaraguaÂs economy will grow by approximately 4.0 percent in 2011, information also confirmed by official government projections and independent organisms such as the Nicaraguan Foundation for Economic and Social Development (FUNIDES, for its acronym in Spanish).
According to the IMFÂs projections, the countryÂs gross domestic product (GDP) would increase from US$6,551 million to US$6,813 million.
Nicaragua and Costa Rica will be leading the Central American region with an economic growth rate of 4.0 percent for 2011, while the economies of Honduras, Guatemala and El Salvador will grow at a lower rate of 3.5 percent, 2.8 percent and 2.0 percent, respectively.
Additionally, the multilateral institution also projects that Panama will have the highest growth rate in Latin America with 7.4 percent, followed by Dominican Republic with 4.5 percent.
Alvaro Trigueros, representative of the Salvadorian Foundation for Economic Development, congratulated Nicaragua not only due to the countryÂs current growth, but also because Âthe country strives to reach a seven percent growth in the long termÂ.
On the other hand, the economic activity of advanced economies is declining. The IMFÂs Regional Economic Outlook report stated that Âthe fear of a new recession in advanced economies, as well as concern for the negative interaction between sovereign governments and financial institutions in Europe, and the lack of action in some key advanced economies, have fueled the aversion of risk and volatility in the marketsÂ.
NicaraguaÂs economy leads the Central American region pronicaragua.jigsy.com
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