James Metcalfe – Pace Law Firm: Sunday was a quiet day. The hotel was not it’s normal, bustling self. There was none of the normal buzz that you usually find in a large international hotels. North American and European tourists and business people are not around, and traffic appears to be lighter than normal.
While occupancy rates are up in the hotels here, they are far from the normal 90 to 95% they have enjoyed in the past. Clients that we have spoken to are cautiously optimistic about the future, but are looking offshore for alternatives. One economic researcher and political activist we spoke with was concerned about the political future, citing the fact that about a dozen political parties had been formed, but little was known each of their broad policy objectives and platforms.
While members of parliament will be elected in September, they will have to prepare and approve a new constitution, which may not come into effect until 2013. In the meantime, of course, life goes on in spite of the political uncertainty.