El Salvador can follow Singapore’s lead and become a financial center in the Americas, according to Gabor Gurbacs, strategy adviser of investment management firm VanEck.
“I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas,” Gurbacs explained in an Oct. 28 X (formerly Twitter) post.
Similar to what Singapore achieved in the late 1990s, Gurbacs expects new capital investment and immigration to be the main drivers behind El Salvador’s increased economic growth over the next few years.
His comments come in response to an Oct. 28 post by United States broadcaster and Bitcoiner Max Keiser, which was captioned “Move to #ElSalvador, The New Land of the Free.”
Keiser, who now lives in El Salvador, listed Bitcoin (BTC) and the U.S. dollar’s legal tender status, a clean-up of Salvadoran crime, great beaches and great coffee as some of the main reasons the Central American country should be on everyone’s radar.
I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas. I expect continued increase in immigration to, capital investment in and overall growth in El Salvador. https://t.co/CmT554x12j
— Gabor Gurbacs (@gaborgurbacs) October 28, 2023
El Salvador’s status as an emerging economy became more prominent when Nayib Bukele was elected as the country’s president in June 2019.
El Salvador’s sovereign bonds have outperformed many other emerging markets this year, yielding an eye-popping 70%
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Author: Brayden Lindrea
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