Friday, 10 November 2023 21:59

El Salvador surprises JP Morgan with its growth

Written by Miguel Crespin

The US bank J.P. Morgan published a document where it points out that El Salvador has less and less risk of default, so it no longer depends on good economic conditions to meet its tax obligations.



For the bank the surprising thing is that the national economy will stabilize around 4% annual growth in 2023, this due to the various measures taken by the country, with its state finances and the improvement of the security environment in the departments of El Salvador.

J.P Morgan has also pointed out that if the country continues to improve its finances in the future, it is likely that Standard & Poor, the rating agency that noted that El Salvador has improved its risk level, will re-rate the country in the future with better ratings to its risk level.

All this comes after the Banco Central de Reserva announced in september of this year that the salvadoran economy grew by 3%, where 17 of the 19 economic activities of the country recorded a positive performance, among which the following stand out: Construction with 22.8%, Electricity (16.8%), Professional, technical and scientific services (11.4%), Mines and quarries (9.4%), Recreation (8.4%), Government Services (6.7%) and Financial Services with 6.2%.



Translated by: A.M