Guatemala: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guatemala

May 24, 2023

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Format: Chicago

Guatemala: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guatemala, (USA: International Monetary Fund, 2023) accessed December 22, 2024

Summary

Guatemala has weathered many crises well. Its ’s economy has proved resilient, building on a solid track-record of prudent policies—low fiscal deficits and debt-to-GDP ratio, and high international reserves—and strong remittance inflows. After a strong rebound in 2021, Guatemala’s economy has been slowing down—with GDP growth halving to a solid 4.1 percent in 2022. Inflation increased in 2022 but peaked in February 2023 (9.9 percent, year-on-year) to drop to 8.71 percent in March 2023. At the same time, public investment tends to be under-executed, poverty remains high, and tax revenue is weak, while substantial institutional, investment, and social gaps and governance weaknesses hinder progress. Addressing these requires higher broad-based and inclusive growth and further progress in the reform agenda. The authorities’ goal to attain investment grade and attract foreign investment could unlock opportunities. General elections are due June 25, 2023 (the second round on August 20, if needed).

Subject: Economic and financial statistics, Economic sectors, Fiscal policy, Government finance statistics, International organization, Monetary policy, Public debt, Public sector, Revenue administration

Keywords: Authorities' effort, Central America, Global, Government finance statistics, Guatemalan authorities, Guatemala's regime, Headline inflation, Inflation development, Public sector, Tax administration enforcement

Publication Details

Pages:

102
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/172
Stock No:

1GTMEA2023002
ISBN:

9798400242939
ISSN:

1934-7685

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