The Second Country Situation Report 2022 presented by the Observatory of Public Policies of the Francisco Gavidia University (UFG) indicated that, despite the efforts of the authorities, the country faces difficulties to grow due to the difficult situation after Covid-19 and the slowdown in the world economy.
To this is added, valued the document, that the smallest of the nations of the Americas faces the lowest economic growth in the region, during the current year.
The text released this Wednesday revealed that remittances fell by 3.5 percent and the outlook for this year is that they will register a slight increase, a situation that will reduce the strength of the economy’s growth in the second half of this year.
The dean of the Faculty of Economic Sciences at UFG, Roberto Morán, offered suggestions regarding the situation facing the nation in 2022, including measures to contain inflation and curb the increase in public debt.
The country has to pay a part of its public debt that matures in January of about 800 million dollars and is holding negotiations with the International Monetary Fund due to adverse prescriptions imposed by that entity.
According to economists, the difference between what El Salvador buys and what it sells is unsustainable, and if the authorities do not take corrective measures, the trade deficit could exceed 10 billion dollars by the end of the year.
The Second Country Situation Report of UFG analyzed various points related to the Salvadoran economic and social issue.
In its assessment of the balance of the trade balance, the document specified that between what is imported and what is exported there is a large gap of 36.1 percent between January and June of this year compared to 2021, which means that the deficit reached five thousand 132 million dollars, a figure that could increase at the end of the year.
In this case, the analysis indicates that it is necessary for the government to implement corrective measures, since the trend indicates that economic growth could be limited, something that would happen due to insufficient resources.
On the other hand, the adverse situation faced by the local economy is also influenced by international factors such as the crisis in the supply chain that began in the middle of last year and that caused merchandise transport costs to skyrocket by up to 500 percent.
The country situation cannot be compared on the scale that the United States faced in its supply chain, however, there is a kind of domino effect in which the problems in the world’s largest economies affect other nations, as is the case in El Salvador .
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El Salvador does not escape the drop in world economic growth
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