Economic signs suggest long slow recovery beginning to be visible in late 2010

Economic signs suggest long slow recovery beginning to be visible in late 2010

The Santa Cruz Chamber of Commerce has said that it finally sees indications of the beginning of the end of the recession, but that everything points to a very slow recovery, which will not begin to be generally visible until well into 2010. The Vice President of the Chamber, Ángeles Palmero, was speaking alongside the organization’s Studies Officer, Dolores Pérez, and the Strategic Director of CajaCanarias, Óscar González, as they presented their yearly economic analysis for 2008 and forecasts for 2009.

According to the Chamber of Commerce, the degree of intensity of the crisis over the next twelve months or so will depend on the capacity for recovery in the service sector, especially tourism and commerce, and it supported the Economic and Social Minister in stressing the need for measures to prevent tourism suffering the same fate as the construction industry. Nonetheless, Sra Pérez said that although 2009 will be a year of deep crisis, the signs are at least there that the islands have reached the bottom of the trough, and that it will now be a long slow climb back up to economic recovery through the rest of 2009 and most of 2010.  Canarias24Horas

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