Bolivia seeks to reach 4.5 pct economic growth

Bolivian President Evo Morales Sunday called for more efforts to meet the country's 4.5-percent economic growth target.

Morales vowed that, if the target is met, public and private sectors would get a double aguinaldo, or Christmas bonus. The bonus paid at the end of the year is worth one month's salary.

"The important thing for growth is to work and work, invest and invest, so that economic growth can again exceed 4.5 percent and we can have double aguinaldo in the country," said the president during an event in the Western state of Oruro.

He added that achieving this goal would allow Bolivia to hold on to the position as one of the best performers in the South American region.

The president identified three main obstacles that impeded Bolivia's GDP growth in 2016: low oil prices, drought and highway blockades by transport workers last February.

He said that as a result, Bolivia's economy only grew 4.43 percent in the first half of that year, short of the 4.5-percent threshold needed to pay the double aguinaldo. The country's annual GDP in 2016 has not been released but is expected to fail to meet the target.

Bolivia passed a law entitled "Effort for Bolivia" in November 2013 to mandate that the double aguinaldo is only paid if annual GDP growth exceeds 4.5 percent. Endi