El Salvador will reach a 4 % economic growth driven by Bitcoin

El Salvador’s economic growth projection for the remainder of 2024 was estimated at 4 %, leveraged by Bitcoin, according to the Central Reserve Bank.

Legal tender cryptocurrencies in the Central American nation join tourism and private investment as a driver of local development, according to Douglas Rodriguez, president of the BCR.

In June, the official had already spoken about Salvadoran economic growth, placing it at 2.6 % during the first quarter of 2024. The main drivers were “public and private investment, tourism and demand for the export of goods.”

Bitcoin has undoubtedly been a significant factor in attracting investment and promoting tourism.

THE president of the BCR has also referred to “the importance of the citizen security policies implemented by the government of President Nayib Bukele.” In his opinion, a favorable environment has been created for private investment and tourism.

Bukele’s measures have also had a positive impact on the inflation rate, “which is expected to close the year between 1.0 % and 1.5 %.”

Entre los factores que incidieron en el desempeño económico del primer trimestre de 2024, continúa destacando la continuidad de estrategias de seguridad implementadas por el Gobierno del Presidente Nayib Bukele, así como otros eventos deportivos, comerciales y turísticos. pic.twitter.com/0IYWxfpNGg

— Banco Central SV (@bcr_sv) June 27, 2024

M.Pino

Source: cointelegraph

(Reference image source: Erling Løken Andersen in Unsplash)

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