Bolivia’s failed economic model: From the ‘energy heart of South America’ to the risk of blackouts

9 June 2026 at 14:56

There is an old propaganda poster advertising Evo Morales’ third-term program: “Bolivia will be the energy heart of South America. Bolivia will have energy sovereignty. We will export energy to neighboring countries and become a regional leader.” The former president began that term in 2015 backed by an overwhelming electoral victory of more than 60%. The support reflected the economic stability the country had enjoyed since his first term in 2006, sustained mainly by natural gas exports, which in 2014 alone reached $6.1 billion. International reserves became the highest in South America relative to GDP. But behind the scenes, the picture was different. Reserve certifications did not match the extravagant figures that had been proclaimed, and oil companies had neglected exploration of new fields.

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