Guatemala's economy has decelerated sharply since 2007, but it resisted the shocks of the global recession well, recording 0.6% growth in 2009, compared with negative growth in all the other countries of Central America except Panama.
Maria Antonieta de Bonilla, president of Banco de Guatemala, the country's central bank, attributes this fortitude mainly to the increased diversification of the economy. Relatively new Guatemalan industries such as energy, call centres and tourism are now making an important contribution to growth, while traditional agricultural exports such as sugar, bananas, coffee and cardamom continue to be important.
