San Salvador Local Market.
According to the latest CID Gallup survey from January 2024, 42% of Salvadorans didn’t have enough money for food last month. The survey reaffirms that the country’s economy is the most challenging issue for Salvadorans in 2024.
Despite January 2024 experiencing the lowest inflation rate since February 2021, the cost of the essential Salvadoran food basket remains elevated. Additionally, the minimum wage in El Salvador remains low. These issues continue to affect the Salvadoran family’s economic situation.
The survey statistics emphasize the pressing need for Salvadoran authorities to tackle the food security challenges that El Salvador has encountered in recent years.
SEE ALSO: El Salvador’s Challenges and Concerns: What Concerns Salvadorans the Most?
In Central America, Honduras is at the forefront, with 57% of its population reporting a scarcity of funds for food. Panama follows in second place at 49%, while Nicaragua and Guatemala share the third position with 48%.
Costa Rica ranks lowest in Central America, with only 25% of its citizens indicating a shortage of funds for food. El Salvador follows as the second-to-last in the Central American region, with 42%.
Economic Improvement
While 42% of Salvadorans reported facing financial challenges in purchasing food last month, respondents in the same survey expressed a significant improvement in their economic situation over the past year.
According to the CID Gallup poll, the economic situation of 67% of Salvadoran families has shown significant improvement over the last 12 months, securing El Salvador the top position in both Central and Latin America.
Following closely, Costa Rica secured the second position in both Central and Latin America, with a 56% improvement in family economic conditions.
At the bottom in Central America of economic improvements for families is Panama with 26%, and Guatemala follows closely as second to last with 27%. Honduras and Nicaragua are not considerably distant from the bottom, reporting figures of 36% and 34%, respectively.
SEE ALSO: Living in El Salvador: Top Reasons for Moving to El Salvador
To sum up, El Salvador confronts economic hurdles, dealing with high unemployment rates, an enduring wealth gap, low wages, and an elevated cost of living, impacting a substantial portion of Salvadoran families.
Efforts to address these problems are crucial for sustainable growth and improving the overall economic well-being of the country.
