Guatemala’s economic growth outlook is one of the highest in the region. According to the Economic Commission for Latin America (ECLAC), Guatemala’s economic growth (3.3%) will be surpassed only by the Dominican Republic (5%) and Panama (3.7%).
On the other hand, the Bank of Guatemala estimates a higher economic growth, located at 3.4%.
In both calculations, the economic performance of the country is positioned above the economic growth of the Central American region for this year, which is calculated at 2.5%.
The favorable news continues, since ECLAC considers that by 2020, Guatemala’s growth will be around 3.2%.
This performance for the country responds to the booming market that is there and that, in contrast, other countries in the region suffer thunderous falls.
The National Strategy for Financial Inclusion 2019-2023 was recently unveiled, which projects economic impulse mechanisms that seek to favor access to financial services for all the country’s population. This type of actions constitutes the recent efforts of various sectors to build more efficient, robust and open markets.
Although it is important to recognize these advances, it is also necessary to point out that in order for this growth to continue and even be overcome, in addition to favoring its effects reaching all sectors of the population, changes and novelties in legislation that favors the modernization and transparency of the market itself cannot be ignored.
Such is the case of the Competition Law, to which Guatemala committed itself by 2016, or the lack of construction of highways connecting various points of the country. Until these points are addressed from the Legislative, a larger and more inclusive economy is being slowed down, so it is expected greater participation of the corresponding commissions within Congress to achieve legislative initiatives that favor these points.
Associate
García & Bodán
Guatemala