Bolivia economy to grow in 2015 despite oil drop
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By Staff Writers, teleSUR
teleSUR
Wednesday, Jan 28, 2015
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| Bolivian miners at a march last April | Photo: Reuters |
Bolivian Minister of Economy and Public Finances Luis Arce asserted Tuesday that the Bolivian economy will continue to grow over five percent next year despite dropping oil prices.
Arce highlighted that last year, despite a considerable drop in oil prices, Bolivia’s economy remained strong. He explained, "We have a financial back-up to face any problem and since 2006, we began to accumulate reserves. We received $1.7 billion USD when we reached power. Today, we have more than US$15 billion, when the Gross Domestic Product (GDP) is about US$32 billion.”
Arce also stressed that, “We are the economy with the highest reserves, compared to the GDP in South America and in any case, we can resort to the reserves, but Bolivia is going to grow this year.”
The minister recalled that the oil sector represents only seven percent of revenues for the national economy. He emphasized that the country will focus on manufacturing, agriculture and construction to build the economy over the next year.
Arce also mentioned that Bolivia has prepared for a drop in oil prices by diversifying production. He believes that the country will experience a great margin of growth this next year since the country has yet to enjoy the benefits of its industrialization, something Arce estimates will occur in 2016.
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