Bolivia leads South America in projected GDP growth of 2017

Source: Xinhua| 2017-07-04 05:45:41|Editor: yan
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LA PAZ, July 3 (Xinhua) -- Bolivia leads South American nations in economic growth, the Bolivian government announced on Monday, citing forecasts from top global agencies.

The Economic Commission for Latin America and the Caribbean (ECLAC), International Monetary Fund (IMF) and World Bank (WB) all project Bolivia's gross domestic product (GDP) to grow at a higher rate in 2017 than other regional countries.

"International organizations are recognizing the results of Bolivia's good economic management, and ranking us first in South America, with the best GDP figures and growth forecasts," Vice Minister of Budget and Fiscal Accounting, Jaime Duran, said at a press conference.

The IMF, WB and ECLAC have all placed Bolivia at the head of regional countries, with expected GDP growth of around 4 percent.

The IMF said Bolivia's growth rate up to April was 4 percent, followed by Peru with 3.5 percent and Paraguay with 3.3 percent.

The ECLAC and WB figures are similar.

In a telephone interview with Xinhua, economist and former Bolivian central bank official Luis Ballivian underscored the importance of Bolivia's economic performance.

"This growth -- which has translated into economic, political and social stability for the country -- is due to a series of factors, mainly the robust export of raw materials, and public and private investment that have driven the domestic economy."

INE's report said the sector that most drove economic growth last year was construction, which saw 7.8 percent expansion, along with financial services, insurance and real estate.

The Bolivian government growth forecast for 2017 is 4.8 percent.