Guatemala Economic DNA : Harnessing Growth with a Special Focus on Jobs
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This is the first edition of the of
the Guatemala Economic DNA (Diagnostic for National Action)
with a focus section on job creation. The report highlights
the important achievements of Guatemala on the macroeconomic
stability front. It also argues that these achievements will
need to be secured and makes the case for an increased focus
on accelerating economic growth. For example, this edition
highlights that in 2013 the country's economic activity
expanded by 3.7 percent in 2013, and is projected to grow
around 3.6 percent in the near-term, in line with the growth
of Central American economies but below the growth rate in
emerging markets. Meanwhile, inflation has been managed and
the authorities deserve to be recognized for their
commitment to maintain macroeconomic stability.
Guatemala's economy has recovered at a modest but
consistent pace since the global financial crisis of
2008-09. Guatemala's macroeconomic resilience is due to
prudent macroeconomic policies and a more diversified
economy in comparison to other Central American countries,
which has helped cushion the impact of shocks. Accelerating
growth can substantially reduce poverty in Guatemala, but
this will require improvements in economy-wide productivity.
Public investment is essential to achieving Guatemala's
development goals, yet it remains tightly constrained by a
lack of resources, and the government continues to collect
the lowest share of public revenues in the world relative to
the size of its economy. This report, underscores the extent
to which structural constraints on enterprise development
slow hiring rates, discourage technology transfer, and
promote informality. Several cross-cutting factors are also
closely correlated with job creation in Guatemala, including
financial depth, exposure to corruption, and informality.
Strengthening the rule of law and streamlining regulatory
systems will be essential to facilitating firm growth,
fostering greater competitiveness, and boosting the returns
to both labor and capital.
La economía de Guatemala se ha recuperado a un ritmo modesto pero constante desde la crisis financiera mundial de 2008-09. La resistencia macroeconómica de Guatemala se debe a las políticas prudentes y una economía más diversificada en comparación con otros países de Centroamérica, lo que ha ayudado a amortiguar el impacto de los choques. Esta primera edición del ADN Económico de Guatemala reúne los logros importantes del país en lo relacionado a la estabilidad macroeconómica. Revisa los desarrollos recientes de la economía de Guatemala, reflexiona sobre las perspectivas económicas futuras y analiza un tema de interés para el desarrollo nacional, el empleo. Este tema es particularmente relevante en Guatemala ya que, a pesar de que la economía creció de forma continua durante la última década, el país creó menos empleos que otros países con el mismo nivel de ingresos.
La economía de Guatemala se ha recuperado a un ritmo modesto pero constante desde la crisis financiera mundial de 2008-09. La resistencia macroeconómica de Guatemala se debe a las políticas prudentes y una economía más diversificada en comparación con otros países de Centroamérica, lo que ha ayudado a amortiguar el impacto de los choques. Esta primera edición del ADN Económico de Guatemala reúne los logros importantes del país en lo relacionado a la estabilidad macroeconómica. Revisa los desarrollos recientes de la economía de Guatemala, reflexiona sobre las perspectivas económicas futuras y analiza un tema de interés para el desarrollo nacional, el empleo. Este tema es particularmente relevante en Guatemala ya que, a pesar de que la economía creció de forma continua durante la última década, el país creó menos empleos que otros países con el mismo nivel de ingresos.
Palabras clave
ACCOUNTING, AGRICULTURAL COMMODITIES, AGRICULTURE, AVERAGE COSTS, BALANCE OF PAYMENTS, BANK BRANCHES, BANK LENDING, BASIS POINT, BASIS POINTS, BOND, BOND ISSUANCES, BUDGET DEFICIT, BUSINESS CLIMATE, CAPITAL FORMATION, CAPITAL STOCK, CENTRAL BANK, CENTRAL GOVERNMENT DEBT, COMMERCIAL BANKS, COMMODITY, COMMODITY PRICE, COMMODITY PRICES, CONSUMER CREDIT, CONSUMER GOODS, CREDIT ACCESS, CREDIT CARDS, CREDIT CONSTRAINTS, CREDIT GROWTH, CURRENCY, CURRENT ACCOUNT DEFICIT, DEBT FINANCING, DEBT MANAGEMENT, DEBT MARKET, DEBT SOURCE, DEMAND FOR CREDIT, DERIVATIVES, DISBURSEMENT, DISBURSEMENTS, DIVIDENDS, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKETS, DOMESTIC CREDIT, DOMESTIC MARKET, DURABLE, DURABLE GOODS, ECONOMETRIC ANALYSIS, ECONOMIC COMPETITIVENESS, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIC SECTORS, ECONOMIC TRENDS, EMERGING ECONOMIES, EMERGING MARKETS, EMERGING MARKETS DEBT, EQUIPMENT, EXCHANGE RATE, EXCHANGE RATE MOVEMENTS, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXPORT COMPETITIVENESS, EXPORT MARKETS, EXPORTERS, EXPOSURE, EXTERNAL FINANCING, EXTREME POVERTY, FACTORS OF PRODUCTION, FEDERAL RESERVE, FINANCIAL CRISIS, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL STABILITY, FIRM GROWTH, FISCAL CONSOLIDATION, FISCAL DEFICIT, FISCAL POLICY, FOOD PRICES, FORECASTS, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE MARKET, FOREIGN FIRMS, FOREIGN INVESTMENT, FOREIGN MARKET, FOREIGN MARKETS, FOREIGN TRADE, FRAUD, FREE TRADE, FREE TRADE AGREEMENT, GDP, GLOBAL EXPORT, GLOBAL MARKET, GLOBAL MARKETS, GOVERNMENT BONDS, GOVERNMENT DEBT, GOVERNMENT FINANCES, GOVERNMENT REVENUE, GOVERNMENT REVENUES, GROSS DOMESTIC PRODUCT, GROWTH RATE, GROWTH RATES, HUMAN CAPITAL, HUMAN DEVELOPMENT, IMMUNIZATION, INCOME, INCOME GROWTH, INCOME TAX, INCOME TAXES, INFLATION, INFLATION EXPECTATIONS, INFLATION RATE, INFLATION RATES, INFLATIONARY PRESSURES, INFORMATION TECHNOLOGY, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATE DIFFERENTIAL, INTEREST RATE DIFFERENTIALS, INTEREST RATES, INTERNATIONAL FINANCIAL MARKETS, INTERNATIONAL MARKETS, INTERNATIONAL RESERVES, INVENTORIES, INVESTING, INVESTMENT CLIMATE, INVESTMENT FLOWS, INVESTOR BASE, ISSUANCE, JOB CREATION, LABOR MARKET, LABOR MARKETS, LIVING STANDARDS, LOCAL CURRENCY, LONG-TERM INTEREST, LONG-TERM INTEREST RATES, MACROECONOMIC LEVEL, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICIES, MACROECONOMIC STABILITY, MARKET CONDITIONS, MATURITY, MIDDLE INCOME COUNTRIES, MIDDLE-INCOME COUNTRIES, MONETARY FUND, MONETARY POLICY, MORTGAGE MARKET, NATURAL DISASTERS, NET EXPORTS, NOMINAL INTEREST RATE, NON-PERFORMING LOANS, OFFSHORE FINANCING, OIL PRICE, OIL PRICES, OPEN ECONOMY, OUTSTANDING BANK LOANS, OUTSTANDING LOANS, PER CAPITA INCOMES, PORTFOLIO, PORTFOLIO INVESTMENT, PORTFOLIOS, POST-CRISIS PERIOD, PRICE CHANGES, PRIVATE CAPITAL, PRIVATE CAPITAL INFLOWS, PRIVATE INVESTMENT, PRIVATE SECTOR CREDIT, PRODUCTIVITY, PRODUCTIVITY GROWTH, PUBLIC DEBT, PUBLIC FINANCE, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC SAVINGS, PUBLIC SPENDING, PUBLIC-PRIVATE PARTNERSHIPS, PURCHASING POWER, RAPID ECONOMIC GROWTH, RATE OF GROWTH, REAL GDP, REGULATORY SYSTEMS, REMITTANCE, REMITTANCES, RESERVES, RESIDENTIAL MORTGAGE, RETURN, RETURNS, RULE OF LAW, SALES GROWTH, SHARE OF CREDIT, SHORT-TERM DEBT, STOCKS, SUPPLY SHOCKS, TAX, TAX CODE, TAX COLLECTION, TAX COLLECTIONS, TAX CREDIT, TAX EXEMPTIONS, TAX ON CAPITAL GAINS, TAX RATE, TAX RATES, TAX REGIME, TAX REVENUES, TAX STRUCTURE, TAX SYSTEM, TAXATION, TECHNOLOGY TRANSFER, TOTAL DEBT, TOTAL FACTOR PRODUCTIVITY, TRACK RECORD, TRADE BALANCE, TRADE TAXES, TRADING, TREASURY, TREASURY BONDS, UNEMPLOYMENT, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, VALUE ADDED, VOLATILITY, WAGE RATES, WAGES, WEALTH, WORLD DEVELOPMENT INDICATORS