A not so merry Christmas

[NewsWhore]

Economist Pavel Isa Contreras predicts that sales will be down this Christmas due to the global financial crisis. He said inventories may not be restocked and there will be a reduction in profit margins. According to El Caribe, "this translates into a lower demand for goods and services from stores, and this will increase unemployment." Pavel Isa expects the year to close with a very high current account deficit in the balance of payments. He forecast declines in remittances and visitors from the US. Because of these factors, the economist advised the government to reduce imports, which he says are too high in the face of our declining exports.

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