says public spending on children and young people amounts to US$0.70 per child, which is "clearly insufficient," says Contreras.
He's not the king of Guatemala," says ICEFI
's senior economist Ricardo Barrientos.
A study published by ICEFI
showed that incentives such as low wages and tax breaks date back to the 1960s when Central American countries adopted import-substitution policies and they became increasingly popular in the 1990s.
ICEFI says this dynamic growth has been led by an increase in exports, private-sector investment, and domestic consumption.
ICEFI predicts that this year, Central America's economy will grow by approximately 4%, mainly as a result of steady growth in Panama, Costa Rica, and Nicaragua.
However, ICEFI points out that economic growth has not led to growth in formal employment.
However, ICEFI's report notes that the country's present growth can be largely attributed to the expansion of the Panama Canal, which is scheduled for completion by 2013.