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Turnabout in Bolivia as Economy Rises From Instability
Keywords:
Tags: Argentina, Brazil, Mexico, Oil & Gas,
Bolivia's economy showed 6.5% growth in 2013 and the portion of the people in extreme poverty has dropped from 38% in 2005 to 24% in 2013. Policies of president Morales are winning praise for being prudent from the IMF and the World Bank. A greater share of the revenues from natural gas production and high natural gas prices, Bolivia's main export products, has enabled the government to build international reserves to $14 billion. This is half the country's GDP, and the highest ratio of reserves to GDP in the world. Morales has adopted socialist policies and at the same time provided fiscally responsible management, showing the two are not inconsistent and can be adapted to local conditions to build a middle class and improve living conditions.
Bolivia's Eva Morales and economic recovery with prudent fiscal management
02/16/2014
Brazil's international reserves of $14 billion are the highest of any country including China as a percentage of GDP. For Bolivia it provides a cushion of 14 months of imports. The country's income from natural gas exports to Brazil and Argentina is flowing to a new middle class, as the percentage of people in poverty decline from the 38% the year before Morales took office in 2005 to 24% in 2014. Following a different strategy from that recommended by the IMF, Morales is now seen favorably by the IMF and World Bank's representatives who call his policies prudent. It shows the need for flexibility in fresh thinking for the IMF and the World Bank considering local conditions and needs and avoiding standardized approaches.
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Bolivia's socialist government of Evo Morales has taken a different approach by reducing subsidies and increasing gasoline prices to about $2.00 a gallon in 2013. Salaries of governent workers was also increased by 20% in 2013, and additional 10% added to price of locally produced grain and corn, in policy actions. Morales cited as a reason the $150 million in smuggling to neighboring countries of the $660 million in gasoline imports, wasting a significant part of the $380 million annual state gasoline subsidy which could be used for infrastructure. In Venezuela both opposing candidates for president Maduro and Capriles supported the state subsidy for gasoline that is exceptional among developing countries, and at a time when Venezuela is short of foreign currency for other imports.
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Turnabout in Bolivia as Economy Rises From Instability
New York Times 02/16/2014
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