“The world economy tends to a process of recession or a drop in economic growth, added to inflationary pressures, mainly in developed economies, but Bolivia stands out with positive economic growth,” he said.

Cusicanqui asserted in an interview with the Bolivia TV state channel that the growth of national economy is higher than the Latin American average, which projects only 1.6 percent for 2023, while the Bolivian economy will grow 2.3%.

He commented that the growth of Bolivia’s Gross Domestic Product is mainly driven by domestic demand, which grew 10.1%.

According to the minister, this factor is the fundamental pillar of the economy and one of the variables that shows significant growth in the service sector, such as restaurants and hotels.

“We are aiming for Bolivians to consume more and more national production, that is why we are carrying out industrialization with import substitution,” he said, referring to the Productive Community Social Economic Model (MESCP), promoted by President Luis Arce. Cusicanqui reaffirmed that inflation in Bolivia still has a low rate, barely reaching 0.8 percent in June.

The minister reminded that the MESCP is based on strong public investment, redistribution of wealth and industrialization with import substitution, to which end the Government is promoting the construction of 130 industrial plants, adjusted to the productive characteristics of each department by investing over 25 billion bolivianos (above 3,570 million dollars).

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