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El Salvador aims to overcome economic challenge

San Salvador, Jun 4 (Prensa Latina) El Salvador faces strong challenges to achieve greater economic development, according to President Nayib Bukele´s priorities for his second term.

Despite contrary opinions, the Salvadoran economy has the lowest growth rate in the Central American region.

Recent surveys show that the battered family economy is the issue of greatest concern for citizens, due to the high cost of living and an insufficient employment market.

In the early years of Bukele’s first term, it became evident that the fiscal issue set the agenda, given the closure of the international market to obtain financing due to the delay in negotiations with the International Monetary Fund (IMF).

Among Bukele’s challenges is: promoting the employment of nearly 2.9 million workers in formal sectors, since currently, 49.1 percent of employed Salvadorans work in the formal sector and the rest in the informal one.

Another challenge is related to dedicating more resources to public investment, which is key to the economic progress and well-being of the population.

A notable challenge is that in the country there are more than 1.92 million people living in poverty, the highest number since 2018, when there were 2.05 million poor people. In 2023 alone, around 55,097 Salvadorans fell below the poverty line.