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Nicaragua's Economic Landscape according to the World Bank
By Guy José Bendaña-Guerrero & Asociados
The latest update of Nicaragua's Overview by the World Bank states that the country is navigating a challenging economic landscape. Covering 130,373 square kilometers, the country relies on light manufacturing, services, and agriculture. In recent years, foreign direct investment has contributed 6.7 percent to its GDP, alongside rising remittances, which now account for 26.1 percent of GDP.
Despite these gains, Nicaragua remains one of the region's poorest nations, with many of its exports comprising low-complexity products. The economy is highly susceptible to external shocks and natural disasters, limiting its growth potential. Key challenges include low human capital, inadequate infrastructure, and a volatile business environment.
However, the report identifies significant opportunities for sustainable growth through investments in human capital, improved access to services, and increased market integration. In 2023, the GDP grew by 4.6 percent, largely due to growth in the services sector, although forecasts indicate a slowdown to 3.6 percent in 2024.
Employment rates are recovering, reaching 66.9 percent in late 2023, with poverty levels declining to an estimated 12.5 percent. Nonetheless, risks remain from external factors, such as natural disasters and fluctuating global prices, which could impact trade and economic stability.
Guy José Bendaña-Guerrero & Asociados
GUY JOSE BENDAÑA GUERRERO & ASOCIADOS has a long and prosperous tradition in the field of intellectual property (IP) in Nicaragua, with roots that go back to more than 100 years, resulting on long-term relationships with renowned clients and attorneys worldwide.
The firm has its origins in the law firm Henry Caldera & Henry Caldera-Pallais, founded in 1907 by Mr. Henry Caldera. That same year of 1907, through the efforts of Mr. Caldera, Nicaragua had its first Trademark Law. In the late 1930’s, Mr. Caldera’s oldest son, Dr. Henry Caldera-Pallais, after studying law in Nicaragua, attended the University of Michigan, where he graduated as a Registered U.S. Patent Attorney. Dr. Caldera-Pallais in 1964 was a founding member of the Interamerican Association of Intellectual Property (ASIPI), the first regional intellectual property organization in the Americas. The firm continued to grow during the administration of Dr. Franklin Caldera, son of Dr. Caldera-Pallais, who obtained his doctoral degree in law from the Universidad Centroamericana in 1973.
Since 1985 the current partners, Dr. Guy José Bendaña Guerrero and Mrs. Blanca Aragón de Bendaña, took over the management of the firm. Dr. Bendaña Guerrero, Director of the firm, has distinguished himself as one of the most respected authorities in Central America in the field of intellectual property and law in general, being the author of several books such as “Course of Industrial Property Law”, “Study of the new Laws of Industrial Property” and “New Study of Contracts “, among others. Mrs. Aragón de Bendaña has served as the firm’s general manager and, thanks to her excellent management, the firm has been in constant growth, with a highly qualified staff committed to excellence. Since 1996, partner Julián José Bendaña Aragón joined the firm, and has been standing out as one of the most recognized attorneys in the field of intellectual property.
We have adapted to the constant change of the business world, supporting our clients in finding the most appropriate legal solutions for each moment. The firm distinguishes itself by understanding the needs of its clients, offering personalized service and adding value to its activities.
Nowadays we continue to be the leading firm in Nicaragua in the area of intellectual property, and at the same time, we have been consolidating other areas of service within the civil, commercial and labor fields, as well as litigation and consulting in general. The firm is well positioned to guarantee a pragmatic service that meets the requirements of the most demanding clients.