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An IMF report on Bolivia in November 2013 praised the government for the macroeconomic stability and social policies that, it said, helped to make Bolivia one of the few economies in Latin America to record positive growth through the 2008 global crash and its aftermath. The economy continues to perform strongly, and the IMF expects Bolivia to record growth of 6.7% for 2013. The country has ample foreign exchange reserves to weather any short-term shock from a drop in the price of oil and gas (in 2011, 45% of the country’s exports by value were hydrocarbons), and is well on the road to building up its value-added capacity instead of simply shipping raw commodities. Inflation could be a problem in the next year or two, with food prices already rising. The IMF expects inflation to be around 7.5% by the end of 2013, declining gradually in 2014. A substantial part of Bolivia’s growth in 2013 came from increased natural gas exports to neighbors Argentina and Brazil.

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