A Look at Bolivia’s Poverty Reduction Plan

Poverty is one of the world’s most common social injustices. In many countries in South America and Latin America, millions of individuals are struggling to overcome. Bolivia had the highest rate of poverty in Latin America. From 1999 until 2000 Bolivia had the highest poverty rate in South America with more than 80% of its people living in poverty.  

Things began to change In 2006, government officials proposed a plan that would reduce Bolivia’s poverty rates called the National Development Plan of Bolivia.

“The results so far are very encouraging, with significant achievements posted vis-à-vis several MDG targets. At the time of its launch, the Plan’s projections for 2011 foresaw a reduction in poverty from 63 percent to 49.7 percent and in extreme poverty from 34.5 percent to 27.2 percent.” says the official website for OPEC Funds for International Development. 

In the following years, the program continued to change the lives of the people of Bolivia rapidly. The employment rates started to increase, and affordable housing was made available, along with food and education security. 

The Banker shares how Bolivia’s poverty rates have decreased because of poverty reduction. “Due to increasing private consumption, investment, and government consumption, GDP growth of around 5.1% is expected for the end of 2022, according to the central bank. The government had previously predicted a similar growth percentage for 2023, but revised its forecast to 4.8%.”