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IMF: Guatemala Shows Positive Economic Performance

Article Summary:

The International Monetary Fund (IMF) called the economic situation in Guatemala positive and was pleased with the country’s GDP growth of 3.8% in 2011.

Photo Credit: Estrategia y Negocios

Original Article Text From Estrategia y Negocios via Google Translate :

IMF: Positive Economic Performance Of Guatemala

“The macroeconomic development in Guatemala since 2010 has been positive. Economic growth was reaffirmed and was close to 4% in 2011, driven by buoyant exports and private consumption, “said IMF mission chief for Guatemala, Alejandro Lopez-Mejia, in a note.

In addition, international reserves reached 5,700 million dollars in 2011, 5% above 2010 levels, while the central government deficit fell to 2.8% of gross domestic product (GDP), compared to 3, 3% in 2010, he said.
“The short term outlook is generally positive. It is expected that economic growth in 2012 will slow to about 3%, driven by lower overall activity to increase over the medium term to 3.5%, “he said.

But he said that these possibilities “are subject to downside risks related to the global environment, both in terms of global growth less than expected, as higher prices of raw materials.”

He also commented that for the medium term the main challenges of Guatemala “are achieving a higher rate of economic growth, sustainable reduction of poverty” and strengthening “the financial regulation and supervision.”

“It is essential that the increase in tax revenues continue to be a priority in the strategy of economic growth and poverty reduction,” he said.

The mission met with Central Bank president, Edgar Barquin, the Finance Minister Pavel Centeno, the Superintendent of Banks, Victor Mancilla, the Comptroller General of Accounts, Nora Segura cabinet members and Congress, and entrepreneurs.

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