Consumer

South Floridians Hope For A Fast Economic Turn

European And South American Markets Could Help Cushion Any Lasting Effects Of A Slow Economy

DORAL (CBS4) ― Doral restaurateur Alex Gonzalez is caught in the middle of higher costs for the cheese and flour in his pizza and the fewer customers that are dining out.

Gonzalez told CBS4 Consumer Investigator Al Sunshine, "It's been tough for us and it's affecting all the businesses. It's not just us."

Customer Luisa Ortiz says she's cutting back on entertainment and dining out.

That's apparently what many people are doing as they keep their fingers crossed for a quick turnaround which economists do not believe will happen quickly.

Nationally, many economists believe it may not be until the end of 2009 when things get better.

Though, for South Florida, Antonio Villamil believes it could happen sooner for this region because of ties to growing economies in South America and Europe.

So far this year, South Florida's Latin American exports are up 22 percent as well as business with Europe, which also includes the real estate business.

Villamil explained, "We're for sale because the euro has strengthened about 30 percent against the dollar in the last year, and on top of that, prices have come down a bit. So if you look at the combination, for the Europeans, this is heaven.

A vacation on South Beach is heavenly, too, and European tourists are flocking to snap up bargains, which is shoring up the regional economy.

Villamil expects the economies in Latin America and Europe to grow stronger in 2009, and trading with them will cushion the local economy.

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