Slight economic growth in the country between 1980 and 2007 and unresolved social problems involving inequality and poverty "demonstrate how the Guatemalan economic model has failed", the Report states.
The document further indicates that the country has had economic growth levels below average world and regional figures of 2.7 percent between 1980 and 2007, According to the study "they will require 27 years to double their Gross National Product (GNP)"
However, the country continues to be the largest economy in the region, although when the GNP is calculated by person (US$2 thousand 250); it is lower than Costa Rica (US$4 thousand 980) and El Salvador (US$2 thousand 680).
The Guatemalan economic model adopted back in the 1980's sought greater growth and a spillover of wealth by deregulating markets, reducing the size of government and its participation in the economy, as well as...
The country's output in nominal terms amounted to $52,132 million, up 5.8% over 2014, less than the 6.1% recorded in the previous period rate.
From a report issued by the National Institute of Statistics and Census:
The National Institute of Statistics and Census (INEC) presents the estimated figures for gross domestic product (GDP) at current prices and in linked volume measurements with reference to 2007, by economic activity, corresponding to 2015.
In the Global Human Development Index 2010, Panama is ranked 54, Costa Rica 62, El Salvador 90, Honduras 106, Nicaragua and Guatemala 115 and 116 respectively.
The Central American countries, like others in Latin America, continue to improve in most variables measuring human development and the HDI Program published by the United Nations Development Program (UNDP).
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