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Bolivia Starts 2015 With Latin America's Strongest Growth

Bolivia Starts 2015 With Latin America's Strongest Growth

Posted by Juan Gavasa on January 02, 2015
The South American nation, under the watch of President Evo Morales, is leading the region in economic growth.

As it enters a new year, and a new five-year term for President Morales, Bolivia is experiencing the strongest economic growth in the region, according to its Minister for the Economy and Public Finance, Luis Arce.

​The South American country closed the year with a growth of 5.5 percent, which puts it top for regional economic growth.

“There is very good news for Bolivians, because we will close 2014 with a growth of 5.5 percent … that means for the second time in 2014 we are privileged to be the economy with the best growth in the region, others have been more affected by the international crisis and have had weaker growth,” Arce said on state channel, Bolivia TV.

Arce attributed Bolivia’s growth to the implementation of a new economic model, implemented in 2006 after Evo Morales became president with 53 percent of the vote.

Bolivia’s “social, economic and productive” economic model places emphasis on the redistribution of wealth among all citizens, and has yielded positive outcomes, especially compared with countries following traditional capitalist models, where the wealth stays in the hands of the few.

Arce pointed to Bolivia’s successes despite slowdown in the world economy. While this has had a knock-on effect in some Latin American countries, Bolivia has continued growing. “In this unfavorable context for the world economy, Bolivia keeps growing, yielding positive results, this draws attention to lessons that a small country can teach to the world,” Arce said.

The minister commented on the critique that Bolivia’s economy is strong thanks to its natural resources, saying that the government is already addressing that issue, and that it is not a new one. He pointed out that the country has around US$15 billion in international reserves that will act as a buffer come what may. 

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