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Months of deadly unrest devastate Nicaragua's economy
by Christopher Sherman and Alfredo Zuniga
The Associated Press Translate This Article
12 September 2018
On 12 September 2018 The Associated Press reported:
Nicaragua's economy has been devastated by the nearly five months of unrest sparked by cuts to social security benefits that quickly evolved into calls for President Daniel Ortega to step down. In June, the country's economic activity was down 12.1 percent compared to a year earlier, according to the central bank. Economists estimate 200,000 jobs have been shed, including as many as 70,000 in the tourism sector, which has become Nicaragua's top source of foreign currency in the past two years.
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Such 'flops' highlight the need for more intelligent, evolutionary, Natural Law based, life-supporting systems.
Revenue at hotels and restaurants plunged 45 percent in June compared to 2017, according to Nicaragua's central bank. Similarly, construction suffered a 35 percent drop and retail 27 percent. Some $900 million in deposits fled Nicaragua's banks. They responded by tightening their lending to preserve liquidity, thus also contributed to the economic slowdown.
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