Not in the West: Bolivian Economy Grew $34 Billion in 2014*
Bolivia’s vice president detailed how the economy has grown exponentially under Evo Morales’ government. According to the Bolivian government, the Andean nation’s gross domestic product grew US$34 billion in 2014, establishing it as one of the fastest growing economies in the region.
Vice President Alvaro Garcia Linera said that the country’s Social Community Productive Economic Model allowed for the economy to grow, despite the fall in prices for raw materials.
“In 2014 the Bolivian economy measured $34 billion, and in 1996 the Bolivian economy accounted for $5.3 billion and by 2005, $9.5 billion dollars,” said Garcia.
Garcia explained that in the nine years between 1996-2005, the economy grew by 77%, while from 2005-2014, since the Movement Toward Socialism (MAS) has been in power, the GDP grew by 357%.
MAS also oversaw an official name change for the country to the Plurinational State of Bolivia, to compliment a change in national mindset. Garcia says this shift in governance and national policy has helped the growth.
“What has happened in plurinational times?
The average income for Bolivians went from $1,035 to $3,186, an increase of 307%. In neoliberal times, the average of each Bolivia, grew just 11%.
“This is a successful economic model,” added the vice president.
In 1996, the country’s average income was only US $930 and in 2005, the average rose to US $1,035 per year. Garcia also noted that the poverty reduction in the country under MAS, which official figures show has dropped from 34% to 18.7%.
Evo Morales has served as Bolivia’s President since 2006 and implemented a series of economic and political policies that favor national growth and access to social services for all Bolivians.
The GDP is one of several primary indicators used to determine the health of a nation’s economy. The GDP represents the total dollar value of all goods and services produced over an indicated time period.