El Salvador is poised for a 2.7% economic growth in 2023, according to Douglas Rodríguez, President of the Central Reserve Bank (BCR). In a recent interview on channel 21’s «Diálogo,» Rodríguez confirmed the country’s economic forecast, previously estimated between 2% and 3%.
Rodríguez attributes this positive outlook to the government’s successful security and tourism strategies under President Nayib Bukele. The focus on security has fostered a conducive environment for businesses, preventing extortion threats.
«Security has been crucial this year, allowing companies to operate without fear of extortion,» Rodríguez emphasized.
International tourism has seen a remarkable 34% increase, with 2.6 million visitors between January and October. Rodríguez highlighted El Salvador’s appeal to foreign investments, thanks to a secure and legally stable environment.
«Investors need assurance, and El Salvador provides the facilities and legal security they seek,» Rodríguez asserted.
October 2023 recorded the lowest inflation rate (2.7%) since June 2021, marking 14 consecutive months of nationwide price deceleration. The inflation rate for the basic basket of goods is 5.9%, making El Salvador the second-lowest in Central America.
«We’re experiencing a slowdown in the basic basket due to President Bukele’s effective measures,» Rodríguez stated.
Beyond economic news, Rodríguez highlighted the BCR’s successful completion of the 2023 cartographic update, conducted entirely in a digital format. This modern approach ensures efficient data collection on infrastructures across El Salvador.
El Salvador’s economic growth, coupled with achievements in security, tourism, and digital infrastructure mapping, paints a promising picture for the nation’s economic landscape in 2023.