The Central Bank of Bolivia (BCB) ratified the official growth projection of 4.7% of Gross Domestic Product (GDP) and reduced the expected inflation to 3.5% as a highlighted indicator of the stability of the country in 2018.
“We maintain the growth projection and revise the projection of inflation… this expectation of good performance is shared by specialized agencies to make economic projections,” BC’s chief adviser Raul Mendoza told a news conference.
The official released the figures in a presentation of the monetary policy report for the first half of this year, noting that macroeconomic numbers keep Bolivia as one of the most developed Latin American countries in the last decade.
Relatively high economic growth and inflation control are achievements that President Evo Morales affirms in his speeches in different regions of the country.
Mendoza indicated that the prospect of meeting the annual growth target of 4.7% set in the national budget is based on the fact that GDP growth was 4.44% in the first quarter and accelerated in the following months.
On inflation, it was confirmed that the Consumer Price Index accumulated a rise of only 0.80% in the first eight months of this year, well below the projected annual rate of 4.5%.
Under the presidency of Evo Morales, Bolivia has taken an independent foreign policy to the benefit of all Bolivians and not local capitalists and US corporations. It has also seen the country take an independent foreign policy, meaning that Bolivia has been a close ally of Nicaragua, Venezuela and Cuba. It is also taking a key leading role in projects that aim to bring closer ties among all Latin American states.
Despite traditionally being one of the poorest countries in South America, partly for being a landlocked states wholly reliant on imports from Chile and Peru, under Morales’ leadership, the economy is booming which is also seeing benefits to all citizens.