Macroeconomic Forecast Bolivia

BMI View: We maintain our forecast for 3.9% real GDP growth in 2010 as we still believe that strong growth in Bolivia's mining and construction sectors, combined with weak global capital market integration (particularly with the ongoing European sovereign debt crisis) will keep the economy buoyant over the coming months. 3.2% real GDP growth in Q409 is a positive indicator for Bolivia's healthy growth in 2010, yet with stronger global headwinds to face in 2011, as the Chinese slow-down weighs on the regional growth outlook, we are more conservative with our 2011 growth forecast, which stands at 3.7%.

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