El Salvador: Economic Recovery Plan

Nayib Bukele announced that his administration will implement the "Economic Takeoff Plan", which aims to create the conditions for the economy to grow above 3.5%.

Friday, January 10, 2020

The plan will focus on articulating government efforts in the agricultural sector, telecoms through connectivity and education focused on preparing the new generations in the framework of the fourth industrial revolution.

Nayib Bukele, President of the Executive, told Elmundo.sv that "... No matter how much effort is put into agriculture, it will not represent a significant increase at the macroeconomic level because 'we are not in a pre-industrial world'. However, this sector is an immediate generator of employment for Salvadoran families 'in the poorest areas. The population not only wants the country to take off, it wants to feel, so one of the ways to do this is by promoting agriculture."

Bukele added that "... The second opportunity is based on telecoms, but not on industry growth, but on connectivity because 'the most important highway in the 21st century is the Internet."

The third axis of the Plan is that of education, since it is intended that the new technologies will form human capital that is prepared to work in the context of the fourth industrial revolution.

According to forecasts by the Central Reserve Bank, by 2020 the Salvadoran economy will grow 2.5%, but with the implementation of this plan, the authorities expect that in the coming years production could increase at rates above 3.5%.

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