Presentación del Ministro de Economía en la Universidad de Chicago (En inglés)

1

THE MODEL THAT CHANGED

BOLIVIA’S ECONOMYUniversity of Chicago

Luis A. Arce Catacora

Minister of Economy and Public Finance of

the Plurinational State of Bolivia

April, 2015

Luis A. Arce Catacora – Minister of Economy and Public Finance The University of Chicago – April 2015 2

CONTENT

I. General facts of Bolivia

II. Economic Social Comunitarian Productive Model

III. Empirical evidence on the Economic Social

Comunitarian Productive Model’s foundations

IV. Macroeconomic Results

VI. New Bolivia’s international image

V. Social Results


CONTENT







V. Social Results


Plurinational State of Bolivia: Geographical location


Location and area

Neighboring countries

Bolivia is located in the center of South America.

It’s area extent is 1,098,581 square kilometers.

It is bounded on the North and East by Brazil, on the South

by Argentina, on the West by Peru, on the Southeast by the

Paraguay and on the Southwest by Chile.

PhisiographyAndean: 28%, Subandean: 13%, Plains: 59%

Population Census 2012

10,027,254 people

Average annual population growth rate

(Census 2012)

2001 – 2012: 1.71%

Population density (Census 2012)2012: 9.13 inhabitants per Km2

5,028,265 women4,998,989 men

Head of StateMr. Juan Evo Morales (From the January 22, 2006)

Minister of EconomyMSc. Luis Alberto Arce (From the January 23, 2006)


CONTENT







V. Social Results


1. Free market economy

2. Watching State

3. Model of Privatization

4. Primary-exporter model “export or die”

5. External demand’s dependence

6. Income concentration

7. Economy focused on private initiatives

8. Investment funding by external debt

9. Poverty and inequality

10. Objetive: The Control of Inflation

11. Dependence on multilateral institutions

for economic policy.

12. Non-existent fiscal and monetary policy

(recurrent fiscal deficits and

dollarization)

1. The State intervenes actively in the economy

2. Planner, entrepreneur, investor, regulator,

benefactor, promoter and banker State

3. Model of Nationalization

4. Model of Industrialization

5. Growth based on external and domestic

demand

6. Income redistribution by the State

7. The State promotes the plural economy (State,

Private sector, Cooperative and Comunitarian)

8. Investment funding by domestic savings

9. Further development, oportunities and social

movility.

10. Objective: Growth with income redistribution.

Stability is a social patrimony.

11. Soverign economic policy.

12. Fiscal surplus, social policy and de-

dollarization.

Neoliberal Economic Model

Differences between the neoliberalism and new Economic Model

Economic Social ComunitarianProductive Model


3. INCOME REDISTRIBUTIVE MODEL: The economic surplus must be

redistributed mainly to the most needed people: conditional transfers (Bono

Juancito Pinto, Bono Juana Azurduy and Renta Dignidad), public

investment, inversely proportional wage increase, minimum wage increase,

cross subsidies and others.

2. APPROPRIATION OF THE ECONOMIC SURPLUS BY THE STATE OF

BOLIVIA: Bolivia now receives the economic surplus from its strategic

sectors and natural resources.

1. DEVELOPMENT AND GROWTH BASED ON THE USE OF NATURAL

RESOURCES AIMING TO BENEFIT ALL BOLIVIANS: Generation of

larger economic surplus. Antithesis of the «Resource Curse theory».

4. INEQUITY AND POVERTY REDUCTION: The model has a social

visión, builds a more equal society with no poverty. More opportunities and

social mobility.

THE NEW MODEL FOUNDATIONS



• Hidrocarbons• Mining• Electricity

STRATEGIC SECTORS SURPLUS’

GENERATORS

Surplus INCOME AND EMPLOYMENT GENERATING

SECTOR

•Industry, manufacturing and craftsmanship

•Turism•Farming

development•Housing•Trade, transport

and other services

REDISTRIBUTIVE STATE

REDISTRIBUTION OF INCOME:Social Programs

• Bono Juancito Pinto • Renta Dignidad• Bono Juana Azurduy

POVERTY REDUCTION

ECONOMIC SOCIAL COMUNITARIAN PRODUCTIVE MODEL



Structuring the New Economic Social Communitarian Productive Model

Luis Alberto Arce Catacora and David Quiroz Sillo

II. Economic Social Communitarian Productive Model

• This paper presents a theoretical model, supported by empirical

evidence, aiming to structure the main characteristics of the Bolivia’s new

Economic Social Communitarian Productive Model which has been

implemented since 2006.

• The work is based on a super-predator model and arrives to a solution by

applying Lokta-Volterra’s equations. Moreover, the empirical evidence is

obtained by running simulations and by estimating vector autoregressive

models.

• In the model, the economy is structured by two sectors, i) the strategic

sector, which main activity is the exploitation of non-renewable resources

and, ii) the income and labor generating sector. The underlying idea is

that by transferring resources from the strategic sector (its surplus)

towards the income and labor generating sector, it is possible to achieve

sustained economic growth pattern.


Structuring the New Economic Social Communitarian Productive Model


II. Economic Social Communitarian Productive Model

• By running simulations of the model it is found that income and labor

generating sector’s surplus increases over time, whereas (due to the

availability’s limitation) strategic sector’s surplus decreases over time.

Moreover, the income and labor generating sector output’s share is

increasing over time.

• Therefore, it can be concluded that with the new Economic Social

Communitarian Productive Model the income and labor generating sector

is the one that generates sustained economic growth.

• Policy recommendations from the model suggest that the State must

assign the strategic sector’s surplus to the following: i) to expand the

country's productive base and to support industrialization and, ii) to

support private sector through improvements in domestic demand, which

will inject dynamism to the economy. With these policies the income and

labor generating sector can be developed.

GO


CONTENT







V. Social Results


• This paper aims to study the relationships between the distribution,

aggregate demand and long-term growth in Bolivia. The study is based on

a Kaleckian model of economic growth, since it recognizes the importance

of aggregate demand and distribution on growth.

• In this model there are two regimes (Demand and Productivity). To

estimate the prevailing regime in Bolivia´s economy, two econometric

methodologies are used with data from the period 1950-2012. Initially,

multivariate behavioral equations are used, subsequently an SVAR is

estimated.

• The results suggest that Bolivia’s economy follows a Demand Regime,

that is, by improving the distribution of resources to benefit workers

(reduction of the profit share) will increase aggregate demand, because

the increase in consumption will be greater than the investment

disincentive. Therefore, a better distribution generates higher growth.

Distribution, Aggregate Demand and Economic Growth in Bolivia 1950 – 2012

David Quiroz Sillo and José Alberto Villegas Gómez

Distribution, Aggregate Demand and Economic Growth in Bolivia 1950-2012

GO


Commodity prices, fiscal policy and economic growth2000-2013


Commodity prices, fiscal policy and economic growth 2000-2013

• This paper analyzes the effect of international commodity prices’ changes

on Bolivian output growth, through fiscal variables, in both the short and

long term.

• For the short-term analysis a structural vector autoregressive model (SVAR)

is estimated. The results suggest that an international commodity prices’

shock has a positive impact on tax revenue and gross domestic product;

however, the effect on the latter is small.

• To study the long-term relationship a cointegration model is estimated

following the methodology proposed by Johansen-Juselius. The results

show that the main determinant of output in the long-term is public

investment. Interestingly, the effect of international commodity prices on

growth in the long term is small and not statistically significant.

• As conclusion, results suggest that resources coming from the strategic

sectors in Bolivia properly managed (e.g. public investment) can generate

growth and eliminate any external vulnerability to international commodity

prices’ changes.GO


CONTENT







V. Social Results


(p) Preliminary

Source: National Statistics Institute (INE)

Elaborated by: Ministry of Economy and Public Finance

Bolivia: Real GDP growth, 1985 – 2014(In percentage)

IV. Macroeconomic Results – Sustained economic growth despite the global crisis

-1.7

-2.6

2.43.0

3.8

4.6

5.3

1.6

4.3

4.74.74.4

5.05.0

0.4

2.5

1.7

2.52.7

4.24.4

4.84.6

6.1

3.4

4.1

5.25.2

6.8

5.4

-3.0

-1.5

0.0

1.5

3.0

4.5

6.0

7.5

198

5

198

6

198

7

198

8

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3(p

)

201

4(p

)

Average 1985 – 2005

3.0%

Average 2006 – 2014(p)

5.1%


2005 2014

* Data of Economic Commission for Latin America and the Caribbean (ECLAC)

** Estimation of the International Monetary Fund

Source: National statistical institutes and central banks in each country


South America: Growth of real GDP, 2005 and 2014(In percentage)

IV. Macroeconomic Results – Higher economic growth despite the global crisis


Selected Countries: Growth rate of GDP trend(Q4 2007 =100)

Source: National Institute of Statistics and Central Banks of selected countries


IV. Macroeconomic Results – Sustained economic growth despite the global crisis


Variation Index Commodity prices andGDP growth Latin America and the Caribbean and of Bolivia, 1998 - 2014

(In percentage)

IV. Macroeconomic Results – High economic growth in a context of declining international prices

Source: International Monetary Fund and National Institute of Statistics for Bolivia



(p) Preliminary

Source: National Institute of Statistics (INE)


Bolivia: Incidence of domestic demand and net exports on GDP 1999 - 2014

(In percentage)

IV. Macroeconomic Results – Economic growth based on domestic demand

Average 1997-2005

Domestic demand 3.0%

External demand 0.2%

Promedio 2006-2014

Domestic demand 5.6%

External demand -0.6%

-2.2

0.5

-1.8

4.5

-0.30.9

6.0

2.6

4.9

8.4

3.74.4

8.6

2.9

8.27.1

2.6 2.0

3.5

-2.0

3.0

3.3

-1.6

2.2

-0.3

-2.3

-0.3 -0.3

-3.4

2.3

-1.4 (1.6)

0.4

2.5

1.7

2.5 2.7

4.2 4.44.8 4.6

6.1

3.4

4.1

5.2 5.2

6.8

5.4

-3.5

-1.5

0.5

2.5

4.5

6.5

8.5

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3(p

)

201

4(p

)

Domestic demand External demand GDP growth


Bolivia: Nominal Gross Domestic Product

1986 – 2014(Millions of USD)

Bolivia: Gross Domestic Product per cápita

1986 – 2014(USD)

(p) Preliminary

Source: National Institute of Statistics (INE)


Bolivia: Nominal and per cápita Gross Domestic Product

IV. Macroeconomic Results – Sustained increase of the economy size and income per capita

9,525

32,770

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013(p

)

2014(p

)1,010

2,922

0

500

1,000

1,500

2,000

2,500

3,000

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013(p

)

2014(p

)


(*) Public investment planned in the General State Budget (PGE)

Source: Vice Ministry of Public Investment and External Financing (VIPFE)


Bolivia: Executed public investment by economic sector, 1997-2015*(Millions of USD)

IV. Macroeconomic Results – Records of public investment boosts economic growth

Average 1997 – 2005

USD 569 millones

Average 2006 – 2014

USD 2,174 millones

481 551 650 694 725 960 1,158 1,5

03

1,6

54

2,4

98

184 232

551810

1,016 1,1

48

1,7

68

284427 475 472

566

743

1,0

84

1,4

48

1,6

87

548 505 531 583 639 585 500 602 629879 1,005

1,3511,439

1,5212,182

2,897

3,781

4,507

6,179

0

1,083

2,167

3,250

4,333

5,417

6,500

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5(P

GE

)

Infrastructure Productive Social Multisectoral


IV. Macroeconomic Results – Records of public investment boosts economic growth

South America: Public investment as percentage of GDP, 2005 - 2015

6.6

17.4

3.4 4.0

2.5

6.8

4.7

15.0

1.2

3.2

1.8

5.0 4.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014(e) 2015(e)

Bolivia(*) Uruguay Chile

Colombia Peru Ecuador

Argentina Brazil Paraguay

(*) Source for Bolivia is Vice Ministry of Public Investment and External Financing (VIPFE)

(e) Estimated by FMI

Source: International Monetary Fund (Article IV), Central Bank of Ecuador and Ministry of Finance of Argentina



Section Project's name investment(Million USD)

Hydrocarbons

Río Grande Liquid Separation Plant 183

Gran Chaco Liquid Separation Plant 609

Bulo Bulo Ammonia and Urea Plant 863

Propylene and Polypropylene Plant 1,700

Ethylene and Polyethylene Plant 1,760

Liquefied Natural Gas - LNG "Virtual Pipeline" 146

New Catalytic Reforming Units in Isomerization 205

MiningIndustrialization of Lithium and Potassium Chloride Production Phases I, II, III 509

Installing the smelting furnace Ausmelt 40

Food

LACTEOSBOL (4 dairy processors, 3 processors 1 Floor Liofilizadora citrus fruit) 18

Industrial Plant Sugar and Derivatives (EASBA) 215

Strategic Production Company Fertilizers and Fertilizer 7

Energy

9 Power Plants (Santa Cruz, Cbba, La Paz, Beni, Tarija) 621

3 Hydroelectric Plants (Cochabamba, La Paz) 757

1 Amusement and one wind power plant Solar Power (Cochabamba, Pando) 19

1 Geothermal Plant (Potosí) 260

Others

Tupac Katari satellite 302

Cable Transmission System "My cable car" La Paz y El Alto 235

Assembly plant Computer Equipment “Quipus” 61

Industrialization Projects

IV. Macroeconomic Results – Industrialization of natural resources


2005 2014

Source: International Monetary Fund


South America: Total investment as percentage of GDP

IV. Macroeconomic Results – Highest total investment by public investment


(1) Peru, the average corresponds to the period 2000-2005.

(2) Uruguay, the average corresponds to the period 1999 to 2005.

Source: International Monetary Fund (IMF), for Bolivia official data.


Average 1997 - 2005 Average 2006 - 2014

Latin America: Fiscal Balance(As percentage of GDP)

IV. Macroeconomic Results – The second country with the highest fiscal surplus


Source: The Organization for Economic Co-operation and Development (OECD)


Average 1998 - 2005 Average 2006 – 2013

Latin American: Tax Burden(As percentage of GDP)

IV. Macroeconomic Results – Fourth place in the tax burden


( e) Estimated

Nota: The most important thresholds are 60% for the Maastricht Treaty (European Union) and 50% for CAN (Andean Community of Nations).

Source: International Monetary Fund (IMF)-World Economic Outlook, October 2014


2005 2014(e)

Latin America: Total public debt, 2005 and 2014(As percentage of GDP)

IV. Macroeconomic Results – Public debt reduction to sustainable levels


Average 1997 - 2005 Average 2006 - 2014

Source: Central Bank of Bolivia and International Monetary Fund


South America: Current account (% of GDP)

IV. Macroeconomic Results – Solid external profile


(p) ]Preliminary

Source: Central Bank of Bolivia


Bolivia: Foreign Direct Investment, 1985 - 2014(Millions of USD)

IV. Macroeconomic Results – Higher foreing investment than in the privatization period

PRIVATIZATION PERIOD

Average 1997 – 2005:

USD 789 millionsAverage 2006 – 2014:

USD 1,238 millions

Gross Foreign Direct Investment Net Foreign Direct Investment

35%

4%

PRIVATIZATION PERIOD

Average 1985 – 2005:

USD 296 millons

Average 2006 – 2014:

USD 729 millions

65%


(*) Data for 2015 is up to April 10th

Source: Central Bank of Bolivia and Central Banks of each country


Bolivia: Central Bank’s Net International Reserves, 1976 – 2015*(Millions of USD)

IV. Macroeconomic Results – High levels of reserves

10-Apr


Source: Financial System’s Supervision Authority (ASFI) and Central Bank of Bolivia (BCB)


Bolivia: Financial System Deposits, 1997 – 2014(Millions of USD)

IV. Macroeconomic Results – Population´s saving capacity has increased


85%

Source: Financial System’s Supervision Authority (ASFI)


Bolivia: Number of Deposits Accounts in the Financial System, by stratification amount, 2005 – 2014

(Thousands of accounts)

IV. Macroeconomic Results – The accounts number is almost four times the 2005´s level


Source: Financial System’s Supervision Authority (ASFI)


Bolivia: Financial System Credits Portfolio and NPL rate, 1997 – 2014(Millions of USD and percentage)

IV. Macroeconomic Results – Upward credit trend due to economic dynamism


Selected Countries: Non-Performing Loans (NPL) Rate(In percentage)

2005 2014

Source: World Bank and Financial System’s Supervision Authority (ASFI)


IV. Macroeconomic Results – Bolivia is the country with the lowest non-performing loan rate


DOLLARIZED ECONOMY DE-DOLLARIZATION

Source: Financial System Supervisory Authority (ASFI) and Central Bank of Bolivia (BCB)


Bolivia: De-Dollarization of Deposits and Credits, 1997 – 2014(In percentage)

IV. Macroeconomic Results – De-Dollarization contributes to solidity the financial system


CONTENT







V. Social Results


(p) Preliminary

Source:(*) National Statistics Institute (INE); Economic Commission for Latin America and the Caribbean (ECLAC)

Elaborated by: Ministry of Economy and Public Finance.

Urban open unemployment rate(In percentage)

V. Social Results – Unemployment rate reduction

2005 2013(p)

Latin America: Unemployment rate(In percentage)

Bolivia: Urban open unemployment rate1999 – 2013 (p)

(In percentage)

14.3

12.4

12.2

11.6

9.8

9.6

9.2

8.5

8.1

7.6

4.7

0 10 20

Colombia

Venezuela

Uruguay

Argentina

Brasil

Perú

Chile

Ecuador

Bolivia

Paraguay

Mexico

7.2

7.5

8.5

8.7

8.78.1

8.0

7.7

4.4

4.9

3.8

3.2

4.0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

9,0

10,0

199

9

200

0

200

1

200

2

200

3

200

5

200

6

200

7

200

8

200

9

2011

201

2(p

)

201

3(p

)

10.6

8.1

7.8

7.1

6.7

5.9

5.9

5.7

5.4

4.7

4.0

0 5 10 15

Colombia

Paraguay

Venezuela

Argentina

Uruguay

Perú

Chile

Mexico

Brazil

Ecuador

Bolivia


19.2

18.8

12.0

9.8

9.1

5.9

4.7

2.5

1.7

0.9

0 10 20 30

Paraguay

Bolivia

Ecuador

Venezuela

Colombia

Brazil

Peru

Chile

Argentina(a)

Uruguay

38.2

27.6

21.4

21.2

15.9

13.9

10.7

9.6

4.1

3.2

0 20 40 60

Bolivia

Paraguay

Peru

Ecuador

Venezuela

Colombia

Brazil

Argentina

Uruguay

Chile

(a) Near date to 2012

(p) Preliminary

Source: National Statistics Institute (INE) for Bolivia; Economic Commission for Latin America and the Caribbean (ECLAC)


Bolivia: Extreme poverty, 1999 – 2013(p)(In percentage)

V. Social Results – Outstanding extreme poverty reduction

Bolivia: Extreme poverty, 1999 – 2013(p)(In percentage)

2005 2013

Latin America: Extreme poverty(In percentage)

40.7

45.2

38.8

39.5

34.5

38.2

37.7

37.7

30.1

26.1

20.9

21.6

18.8

15,0

20,0

25,0

30,0

35,0

40,0

45,0

50,0

19

99

20

00

20

01

20

02

20

03-2

004

20

05

20

06

20

07

20

08

20

09

20

11

20

12(p

)

20

13(p

)


Bolivia: Gini Index, 1999 – 2012(Values between 0 and 1)

V. Social Results – Greater equity on income distribution

Bolivia: Gini Index, 1999 – 2012(p)(Values between 0 and 1)

Latin America: Gini Index

(Values between 0 and 1)

2005 2012(p)

(p) Premilinary

(a) Datum for 2006

(b) Datum for 2004

(c) Datum for 2007

(d) Datum for 2011

(Source: National Statistics Institute (INE); Economic Commission for Latin America and the Caribbean (ECLAC)


0.61

0.60

0.57

0.55

0.53

0.53

0.53

0.53

0.52

0.50

0.49

0.49

0.47

0.46

0.30 0.40 0.50 0.60 0.70

Brazil

Bolivia

Rep. Dominicana

Colombia

Ecuador

Panama

Mexico

Paraguay

Chile(a)

Peru(c)

El Salvador(b)

Venezuela

Costa Rica

Uruguay(c)

0.57

0.55

0.54

0.53

0.52

0.52

0.50

0.49

0.47

0.47

0.45

0.44

0.41

0.38

0.30 0.40 0.50 0.60

Brazil

Paraguay(d)

Colombia

Panama(d)

Rep. Dominicana

Chile(d)

Costa Rica

Mexico

Ecuador

Bolivia

Peru

El Salvador

Venezuela

Uruguay0.58

0.63

0.59

0.61 0.600.59

0.56

0.53

0.50

0.46

0.47

0.40

0.45

0.50

0.55

0.60

0.65

19

99

20

00

20

01

20

02

20

05

20

06

20

07

20

08

20

09

20

11

20

12(p

)


128

35

157

42

17

63

0

20

40

60

80

100

120

140

160

180

Nacional Urbano Rural

2005

2013(p)

(p) Preliminary

Source: Unit Analysis of Social and Economic Policy (UDAPE) information from Household Surveys (EH) National Statistics Institute (INE)


Bolivia: Income ratio between the richest 10% and the poorest 10%, 2005 – 2013

(Frequency)

V. Social Results – Reduction of the gap between rich and poor


CONTENT







V. Social Results


Source: Fitch Rating, Moody’s and Standard & Poor’s


Standard & Poor’sJustification:

Sustained economic growth

Permanent fiscal and current

account surplus

Decrease of public debt

Creditor international investment

position

Record level of international

reserves

Increasing economic stability

Fitch Ratings Moody’s

Historic: Standard & Poor's grants a rating "BB" to Bolivia



* Date 2013

Source: World Economic Forum


2005 2014

South America: Global Competitiveness Index (GCI), 2005 and 2014(Score 1 - 7)


Percentage points of difference

between 2014 and 2005 in GCI

-0.39-0.30

-0.24

0.090.16

0.23 0.26

0.38 0.41

0.59

-0.5

-0.3

-0.1

0.1

0.3

0.5

0.7

Venezuela

Arg

entina

Chile

Uru

guay

Colo

mbia

Pa

rag

uay

Bra

zil

Boliv

ia

Peru

Ecuador*

3.36

3.39

3.59

3.71

3.83

3.95

4.07

4.08

4.09

4.84

2 3 4 5

Paraguay

Bolivia

Ecuador

Venezuela

Peru

Uruguay

Colombia

Brazil

Argentina

Chile

3.32

3.59

3.77

3.79

4.04

4.18

4.23

4.24

4.34

4.60

2 3 4 5

Venezuela

Paraguay

Bolivia

Argentina

Uruguay

Ecuador*

Colombia

Peru

Brazil

Chile


* Date 2013

Source: World Economic Forum


South America: Global Competitiveness Index, Category: Macroeconomic environment (GCI-ME), 2005 and 2014

(Score 1 - 7)


2005 2014

Percentage points of difference

between 2014 and 2005 in GCI-ME

-1.55

-0.45

0.02 0.10

0.52 0.530.76

1.111.41 1.58

-1.8

-1.3

-0.8

-0.3

0.2

0.7

1.2

1.7

Ve

nezu

ela

Arg

en

tin

a

Ecu

ad

or*

Chile

Bra

zil

Pa

rag

ua

y

Uru

guay

Co

lom

bia

Peru

Bo

livia

3.76

3.89

3.97

4.48

4.48

4.54

4.67

4.68

5.22

5.78

2 4 6

Uruguay

Bolivia

Brazil

Paraguay

Peru

Colombia

Argentina

Venezuela

Ecuador

Chile

3.13

4.22

4.49

4.52

5.01

5.24

5.47

5.65

5.88

5.89

2 4 6

Venezuela

Argentina

Brazil

Uruguay

Paraguay

Ecuador*

Bolivia

Colombia

Chile

Peru


92

92

100

100

108

110

116

130

136

136

140

0 50 100 150

Ecuador

Mexico

Bolivia

Paraguay

Colombia

América Latina

Argentina

Brazil

Chile

Peru

Uyurguay

47

57

75

80

84

95

97

116

117

124

125

0 50 100 150

Argentina

Brazil

Chile

América Latina

Ecuador

Uyurguay

Mexico

Peru

Colombia

Bolivia

Paraguay

Source: Getulio Vargas Foundation, Economic Survey of Latin America - November 2007 for October 2005 and the Economic Survey of Latin America February 2014


Latin America: The Economic Climate Index (In points)


Oct - 2005 Oct - 2014 Jan - 15

57

63

75

80

84

85

90

100

110

127

131

0 50 100 150

Brazil

Argentina

América Latina

Ecuador

Mexico

Chile

Colombia

Uyurguay

Bolivia

Paraguay

Peru


Thanks…

Presentación del Ministro de Economía en la Universidad de Chicago (En inglés)

Economy & Finance

Transcript of Presentación del Ministro de Economía en la Universidad de Chicago (En inglés)