Bolivia’s 6.2% Growth Defies Global Economic Trends Over a Decade
Despite varying fortunes among national economies, the global average GDP per capita has maintained a steady upward trajectory, according to recent data from The Economist. This consistency was observed even amidst significant shifts in political landscapes and economic performance.
The global average GDP per capita has risen at a consistent pace of approximately 2% annually. This trend was briefly interrupted by the 2008-09 financial crisis and the 2020 pandemic. However, it has since resumed its upward path.
Bolivia, for instance, has bucked the global trend with remarkable economic growth. Between 2012 and 2022, its average growth rate stood at 6.2%, significantly outpacing the global average. This impressive performance can be attributed to several factors. In 2006, the nationalization of the energy sector boosted export revenues. This was complemented by extensive labor market reforms, investments in education and health, and social programs. These initiatives led to a substantial reduction in poverty, from 60% in 2006 to 35% by 2019. In contrast, global GDP growth averaged around 3.2% in 2024 and is projected at 3.3% for 2025, highlighting Bolivia's exceptional economic performance.
While global GDP per capita growth has shown remarkable stability, Bolivia's economic performance stands out. Its growth rate of 6.2% between 2012 and 2022 significantly exceeded the global average. This success story, driven by strategic policy decisions, offers valuable insights for other nations aiming to accelerate their economic growth.
