According to Trading Economics global macro models and analysts, Honduras’ GDP is anticipated to reach 24.90 USD billion by the end of 2021. According to our econometric models, Honduras’ GDP will trend at 25.70 USD billion in 2022.
Is Honduras the world’s poorest country?
Honduras is Latin America’s poorest country and one of the poorest in the world. Approximately one out of every five Hondurans lives in poverty, which is characterized as extreme poverty. With high rates of poverty come a slew of problems, one of the most serious of which is hunger.
Is Honduras a country with a high GDP?
With its strategic location, strong industrial base, ongoing efforts to diversify its exports, and a young and growing population, Honduras boasts several strengths with the potential for quicker growth and greater shared prosperity.
Honduras had the second greatest economic growth rates in Central America in recent years, trailing only Panama. The country’s GDP increased by 4.8 percent in 2017, 3.7 percent in 2018, and 2.7 percent in 2019, all of which were higher than the Central American average and considerably above the Latin American and Caribbean average (LAC).
The country, however, has been plagued by high levels of poverty and inequality. Before the double impact of the COVID-19 pandemic and hurricanes Eta and Iota, international estimates for the most recent available year (2019) showed that 14.8 percent of the Honduran population lived on less than US$1.90 per day. Furthermore, nearly half of the population (4.8 million people) lives on less than US$5.50 per day, the region’s second highest poverty rate behind Haiti. Another third of the population was near-poor or on the verge of becoming impoverished, while Honduras’ middle class (18%) was among the smallest in the area (compared to an average middle class of 41 percent).
Furthermore, Honduras is plagued by high levels of violence, with around 38 killings per 100,000 people (2018). However, this rate has dropped in recent years, from a high of 83 killings per 100,000 people in 2011.
To reduce the impact of the COVID-19 pandemic on economic activity and social welfare, the government implemented strict containment measures, authorizing new borrowing totaling US$2.5 billion (10 percent of GDP), and prioritizing healthcare and humanitarian services, including basic needs assistance to the poor and business support. With the aid of the IMF program, a conservative macroeconomic framework helped manage vulnerabilities.
While the country’s economy is forecast to revive to 4.5 percent growth in 2021, dangers and obstacles remain, notwithstanding the reactivation of domestic economic activity and growing investment and external demand. A deeper global depression in the midst of a long-term pandemic might stymie economic recovery and continue to jeopardize people’s health and wellbeing.
Honduras can enhance social outcomes and promote recovery by promoting greater job and economic possibilities among the country’s most disadvantaged by maintaining a focus on enhancing competitiveness in rural economic development, investing in human capital, and strengthening social protection. Institutional reforms on crucial topics including enhancing the electrical sector’s sustainability, as well as governance and the business climate, can also help Honduras establish a framework for equitable growth.
Who is Honduras’ wealthiest citizen?
Carlos Slim Hel remained the world’s richest person in December 2012, according to the Bloomberg Billionaires Index, with an estimated net worth of US$75.5 billion.
Honduras has what kind of economy?
Honduras is a Central American country bordering the Caribbean Sea and the Gulf of Fonseca. Guatemala, El Salvador, and Nicaragua are all close neighbors. Honduran territory is primarily mountainous, with narrow coastal plains, the undeveloped lowland jungle La Mosquitia region in the northeast, and the populated lowland Sula valley in the northwest. The government is a presidential republic, with the president as the chief of state and head of government. Honduras features a mixed economic system that combines rising private freedom with centralized economic planning and government regulation.
What is Honduras’ most important export?
Honduras mostly exports agricultural products like coffee and bananas. Shrimp, lobster, olive oil, and clothing are among the other products exported. The United States is Honduras’ most important export partner, accounting for 41% of total exports.
Honduras is what race?
Honduras considers itself a mestizo nation, with indigenous and European roots mixed together, and only about 2% of the population is African (though the actual number may be as high as 10 percent).
Why is Honduras such a violent country?
While gang violence, drug trafficking, impunity, poverty, and corruption have all contributed to Honduras’ bloodshed, the country has made significant progress toward peace. Honduras was once the world’s most violent country, but in the last decade, its violent crime rate has plummeted by half.
What do Hondurans call each other?
Hondurans (Spanish: Hondureas or Hondureos) are Hondurans who live in the country of Honduras. Hondurans are people of mixed race who descended from Spanish people, primarily Andalusians, Galicians, Valencians, Catalans, Canaries, and Extremadurans, as well as numerous tribes and ethnic groupings of Mesoamerican indigenous peoples such as the Mayas and Lencas, as well as Afro-Caribbean peoples. Mestizos coexist with other Europeans such as English, Italians, French, Jews, and other ethnic groups such as Arabs in some parts of the country. With the establishment of the modern nation of Honduras in 1821, which did not cover the full Spanish-German-speaking territory, the name Hondurans came to refer to the people who live there. Germans, as well as any immigrants or descendants of non-Hispanic immigrants, have been identified by their Honduran citizenship inside “modern Honduras.”
The majority of Hondurans live in the country, however there is a sizable Honduran diaspora, mainly in the United States, Spain, and many smaller populations in other countries. There are also persons in Honduras who are not Hondurans since they were not born or nurtured in the country, and thus have not yet obtained citizenship.