The government promises that if internal barriers are removed, the economy will grow further

Economy and Public Finance Minister Marcelo Montenegro said the Bolivian economy maintains growth and price stability and will “improve greatly” if internal barriers are lifted.

“We continue to maintain the economy with growth, price stability, decreasing unemployment and greater participation in the labor market, which are important elements,” he told Bolivia TV.

He pointed out that despite the problems in the international arena, such as interest rate hikes or fuel price hikes affecting foreign debt servicing, the country remains the same.

This included internal issues such as sabotage in the Plurinational Legislative Assembly (ALP) over the treatment and approval of external loans for various public investment projects.

“We strongly believe that if these internal obstacles are removed, we will greatly improve the good results we show to the Bolivian people,” the government authority said.

According to official data, after a decline of -8.7% in 2020, the Bolivian economy achieved a gradual recovery, reaching a growth of 6.1% in gross domestic product (GDP) in 2021, while it achieved an expansion in 2022. 3.5% and 2.21% growth in the second quarter of 2023.

As of November 2023, accumulated inflation reached 1.48%, one of the lowest indicators in the region, thanks to measures implemented by the national government to preserve price stability and take care of the family economy.

“Other economies such as Uruguay and Peru are currently experiencing economic recessions, the factors that need to be assessed are the increase in unemployment, and in some cases inflation rates above 4 and 5 percent, which means the cost of living is increasing. More,” said the minister.

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He emphasized that Bolivia has macroeconomic indicators that allow it to present itself as one of the developing economies with price stability in a world with many problems.

“Our actions are an economic policy that takes care of people's pockets, and any economic policy always has a cost, as the Treasury considers with subsidies for food, not just hydrocarbons,” he added.

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