With Democratic Socialism spreading across Latin America, and long-standing pro-democracy nations like Brazil and Colombia having fallen victim to the Leftist ideology, Guatemala appears to be one of the only economic bright spots in the Western Hemisphere.
Unlike Honduras, which recently elected pro-Maduro President Xiomara Castro, and devout socialist, and looking to terminate U.S.-led free trade zones, Guatemala’s economy is thriving.
According to S&P, Guatemala’s credit rating was upgraded to BB, which is now considered to have “significant speculative characteristics.”
The move to raise Guatemala’s credit rating is partly due to the country’s solid external position, a cautious and conservative monetary policy, and a moderate level of GDP-related public debt.
In addition, the economic outlook in Guatemala is expected to stay consistent position as a result of the countries of its internal economic management, and due to the newly-developed strength in collecting taxes over the past several years.
American lawmakers have not let Guatemala’s positive economic outlook go unnoticed.
U.S. Senator Marco Rubio praised Guatemala’s “steady economic progress” while taking a political jab at the Biden administration for allegedly “appeasing anti-American regimes in Latin America.
“The Dominican Republic and Guatemala are examples of steady economic progress, unlike countries in our region that are currently subjugated to the plight of far-left leaders’ disastrous economic policies. The Biden Admin must stand in support of pro-American governments in our hemisphere with whom we can continue to develop a mutually beneficial economic agenda, rather than appease anti-American regimes in Latin America and the Caribbean,” stated Sen. Rubin in a statement to The Floridian.
Fellow Floridian, Rep. Mario Diaz-Balart, echoed Sen. Rubio’s concerns about the growing threat of socialism in the region.
“Economies are prosperous when built on the creativity and drive of individuals seeking to make better lives for themselves and their families. In contrast, prosperity is not encouraged in economies run by small elites in the capital. But socialism is disastrous not only because it leads to poverty and shared misery, but its worst consequence is that it removes hope by stifling the freedom of the human spirit to pursue its passions and to grow, advance, and improve,” stated Rep. Diaz-Balart.
