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Economic Indicators Comparison: Nigeria vs. Guatemala
| Indicator | Nigeria | Guatemala |
|---|---|---|
| Interest Rates (Lending) | 26.26% (May 2024) | 5% |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1490 | GTQ (Guatemalan Quetzal) 7.75 |
| Inflation Rate | 33.95% (May 2024) | 3.78 (Jul 2024) |
| Unemployment Rate | 5% | 3.0% (Dec 2022) |
Discussion:
- Interest Rates: Nigeria has significantly higher interest rates to address higher inflation.
- Exchange Rates: The Nigerian Naira is weaker compared to the Guatemalan Quetzal against the USD.
- Inflation Rate: Nigeria experiences considerably higher inflation compared to Guatemala.
- Unemployment Rate: Unemployment is a serious challenge in Nigeria, while Guatemala enjoys a much lower rate. Guatemala’s data may be outdated.
- GDP Growth Rate: Both countries are projected to have modest economic growth in 2024.
- Savings Rate: Nigerians have a reported savings rate, while data for Guatemala is scarce.
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The Evolution of the Guatemalan Quetzal
The Guatemalan quetzal (GTQ) has been the national currency of Guatemala since 1960, replacing the Guatemalan peso. Its history reflects the country’s economic development and political stability.
Early Years and Currency Union: Before independence, Guatemala used the Guatemalan peso, which was pegged to the US dollar. After gaining independence, the country continued to use the peso until 1960, when it was replaced by the quetzal.
Economic Challenges and Currency Volatility: Guatemala has faced a number of economic challenges throughout its history, including political instability, natural disasters, and fluctuations in commodity prices. These factors have put pressure on the quetzal and contributed to its volatility.
Currency Reforms and Floating Exchange Rate: In 1985, Guatemala abandoned the fixed exchange rate with the US dollar and allowed the quetzal to float freely on the foreign exchange market. This move gave the country greater flexibility in managing its monetary policy.
Recent Developments: In recent years, Guatemala has experienced economic growth, driven by increased exports, tourism, and remittances from its diaspora. The quetzal has appreciated against the US dollar, reflecting the country’s strong economic performance. However, Guatemala remains vulnerable to external shocks, such as fluctuations in commodity prices and political instability.