According to the BCR official that El Salvador is not in stagflation, nor in recession, and added that the national economy despite all the economic shocks worldwide, the country has shown resilience and is growing compared to other countries.

Douglas Rodríguez, highlights that the main measure that helped the growth of the country, is the Public Security strategy, because this measure helped to turn extortions into investments, also boosted tourism and services boom.

He also said that another factor that is helping growth is public and private consumption, two important elements for the country, because this is what is generating dynamism in all economic activities.

The minister of Economy (MINEC), María Luisa Hayem, explained that the 11 economic measures taken in 2022, have positioned the Salvadoran nation as one of the countries with the lowest inflation of 7% in Central America.

The projections also indicated that the inspections that the institution carried out to verify that the measures were complied with, helped to avoid cost increases and speculations in the basic basket of goods, as well as in propane gas and fuels.

In addition, the Economic Commission for Latin America and the Caribbean (ECLAC), explained in its recent report that, in a context of external uncertainties and internal restrictions, the countries of Latin America and the Caribbean grew by 3.7% in 2022, just over half of the 6.7% rate recorded in 2021. The slowdown in economic growth is expected to deepen in 2023, reaching a rate of 1.3%.

Translated by: A.M