ECONOMIA Y SOCIEDAD - N 37 - FEBRERO 2016 - PARAGUAY - PORTALGUARANI

8/18/2019 ECONOMIA Y SOCIEDAD - N 37 - FEBRERO 2016 - PARAGUAY - PORTALGUARANI

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5

HDLGLOÏER TLDBHAEA

GXHVE THDDBÔG:EGE@BTQE BGVBQEAL

EGÅ@BTBT AH

DLRXGQX]EOHGTXE@

Gº 49FHM]H]L =>56



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Lriegbsol gl iumhrgeohgte` ahabdeal e è bgvhstbiedbôg, abfusbôg ydepedbtedbôg hg thoes hdlgôobdls slmrh êreiuey y è rhibôg.

1

9

5=

2

58

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59

^L@ÏQBDE

TLDBE@

HDLGLOÏE

E]QBDX@BTQEBGVBQEAL

Th e`hje h` fegtesoe ah è rhh`hddbôg.^lr Jlsâ Der`ls ]larïiuhz.

Hgtrh ug cedce, è ahsbgflroedbôg y`ls prhjubdbls:¼Dôol hgfrhgteols è plmrhzey ès ahsbiueàeahs<^lr Vhrôgbde Threfbgb.

@es Ahmb`baeahs ah ès hoprhses púm`bdes.^lr Ablgbsbl Mlrae.

H` êglreoe Fbsde` hg =>56.^lr Ju`bl ]eoïrhz.

Tbtuedbôg y ̂ hrsphdtbves ah` Tbsthoe Fbgegdbhrl.^lr Abhil Auerth.H` fedtlr Dcbge.^lr Fhrgegal Oesb.

@e haudedbôg y `ls Lmjhtbvls ah` Ob`hgbl:^rbgdbpe`hs rhsu`teals.^lr Ihreral Mhgïthz.

AB]HDQL] AH@ DEAH^:Fhrgegal Oesb.

HUXB^L HABQL]BE@:Ablgbsbl Mlrae, Abhil Auerth,Fhrgegal Oesb, Jlsâ Der`ls ]larïiuhz,Ju`bl ]eoïrhz, Vhrôgbde Threfbgb.

ABTHÕL R ABEI]EOEDBÔG:

Hgtrh êrâgthsbs.

Hdlgloïe y Tldbhaea, Egå`bsbs ah DlyugtureOhgsue` hs è rhvbste abibte` ah` DEAH^, aheddhsl iretubtl. @ls ertïdu`ls plaråg shrdbteals, sbhoprh quh sh ohgdblgh è fuhgth.

@ls egå`bsbs y ès lpbgblghs dlgthgbals hg`ls obsols gl rhf`hjeg ghdhserbeohgth èplsbdbôg bgstbtudblge` ah` DEAH^ y slg ahrhsplgsemb`baea hxdùsbve ah sus eutlrhs. @e pum`bdedbôg ah Hdlgloïe y Tldbhaea hsplsbm`h iredbes e` eplyl ah` prlireoe Qcbgk

Qegk Bgbtbetbvh (QQB) ah` Dhgtrl Bgthrgedblgeàh Bgvhstbiedblghs pere h` Ahserrl``l(BA]D) ah Degeaå.



4

^]HTHGQEDBÔG

HG HTQH GXHVL EÕL UXH DLOBHGZE, HDLGLOÏE R TLDBHAEA VXH@VH Ê]EDLGQ]BMXB] E@ HGTEGDCEOBHGQL AH@ HTÊDBL AH AHMEQH HG GXHTQ]L ÊÏT,LF]HDBHGAL E TXT @HDQL]HT XG EGÅ@BTBT OHGTXE@ AH@ ^]LDHTL HDLGÔOBDLR ^L@ÏQBDL AH@ ÊÏT. HTQE ]HVBTQE ABIBQE@ AH@ DHGQ]L AH EGÅ@BTBT R ABFXTBÔGAH @E HDLGLOÏE Ê]EIXERE, DEAH^, BGD@XRH @ET Å]HET AH: ^L@ÏQBDE, TLDBE@ RHDLGLOÏE R HTQH OHT VL@VHOLT E DLGQE] DLG XG E]QBDX@BTQE BGVBQEAL.@LT HTD]BQL]HT TLG ^]LFHTBLGE@HT DLO^]LOHQBALT DLG H@ ÊÏT UXHEML]AEG EUXÏ @ET DEXTET R DLGTHDXHGDBET AH @LT EDLGQHDBOBHGQLT

R MXTDEG ^]LOLVH] TX ABTDXTBÔG HGQ]H @LT ABFH]HGQHT EDQL]HTTLDBE@HT R EIHGQHT.

Hg hste hre ah ès dlougbdedblghs abibte`hs y mbabrhddblge`hs oesbves, ès rhspuhs-tes y suihrhgdbes ah `ls `hdtlrhs shråg mbhgvhgbaes. Dlg hste bgbdbetbve h` DEAH^, dlch-rhgth dlg su prbgdbpbl ah gl rhf`hjer bgthrhshs shdtlrbe`hs gb pl`ïtbdls, hsphre eplrtere` ahmeth púm`bdl egå`bsbs lmjhtbvls quh dlgtrbmuyeg e drher phgseobhgtl drïtbdl y edege`bzer ès ahoegaes dbuaeaeges.

Esugdbôg, fhmrhrl ah =>56



11

^L@ÏQBDE

JLTÂ DE]@LT]LA]ÏIXHZ

DLG @ET ]HDBHGQHT AHD@E]EDBLGHT AH@ ^]HTBAHGQH AH @E ]H^ÚM@BDE,H@ FEGQETOE AH @E ]HH@HDDBÔG TH E@HJE. CL]EDBL DE]QHT AHD@E]Ô

UXH GL @H BGQH]HTE BGBDBE] GB E^LRE] BGBDBEQBVET AH DEOMBL

HG @E DLGTQBQXDBÔG Ê]E AE] @XIE] E TX ]HH@HDDBÔG.

@e vhraea hs quh `ls prhsbahgths ah è aholdredbe ceg dlohgzeal plr ghier tlae prh-thgsbôg ah dlgtbguer hg h` plahr y oudces vhdhs deyhrlg hg ̀ e thgtedbôg ah bopu`ser ̀ erhflroe quh cemb`bth è vïe ah è rhh`hddbôg. Yesolsy `l suibrbô tïobaeohgth, duegal èguhve dlgstbtudbôg hsteme rhdbâg gedbae. Gb Dumes gb Oedcb tuvbhrlg hse lplrtugbaea,ye quh hgtrerlg l se`bhrlg plr è puhrte ah è drbsbs pl`ïtbde. Gbdeglr phrabô eutlrbaea e`bopu`ser sbg âxbtl uge rhh`hddbôg quh h` perèohgtl gugde `h cemrïe dlgdhabal. @uilfuh ahpuhstl plr, hg perth, gl rhsbigersh e è fbgbtua ah su oegaetl, plr gl edhptergbgiúg degabaetl pere h` phrblal sbiubhgth.

Qe` vhz Derths pbhgse ah ltrl olal. De`duè quh hg dbgdl eõls ye cemrå chdcl h` treme-jl quh sh prlpusl y dlop`hteal h` `hieal quh qubhrh ahjer. Eugquh ceye ltres dlg-abdblghs quh ohrhdhg dlgsbahredbôg y qubzås phshg, è prhiugte prbgdbpe` hs ¼qubâghsterïe e fevlr y qubâg hg dlgtre ah ug deombl dlgstbtudblge`, she plr è rhflroe lplr è hgobhgae<

Tb Derths ``hiere e bopu`ser è hgobhgae, hg prbohr ùier thgarïe e su fevlr e Fhr-gegal @uil, qubhg vbhgh abdbhgal quh qubhrh vl`vhr e` êèdbl ah @ôphz. H` FrhgthIuezú `h sbiuh plrquh h` depbte` pl`ïtbdl prbgdbpe` ah è eirupedbôg hs è degabae-

ture ah @uil, qubhg bgdùsl e`bhgte è bùsbôg ah quh è `hy rheòhgth gl prlcïmh èrhh`hddbôg. Qeombâg plarïeg hster e fevlr Fhahrbdl Fregdl y sus shiubalrhs. Tl`lquh hse fbiure hx prhsbahgdbe` hstå ahsiesteae, pere ahdbr `l ohgls, ahspuâs ahug hjhrdbdbl ah oeibstreture bgdlophthgth. Dlg shiurbaea, Gbdeglr Auerth Frutlshsterïe ouy dlgthgtl hg degabaetersh ah guhvl. ^hrl è rhsurrhddbôg pl`ïtbde ahGbdeglr hs ug lphretbvl dlop`bdeal. Â` sufrh h` ahsprhstbibl ah cemhr sbal h` ih-ghre` ah è ahrrlte h`hdtlre` dl`lreae, è prbohre y úgbde hg è cbstlrbe.

TH E@HJE H@ FEGQETOE

AH @E ]HH@HDDBÔG

HDLGLOÏE R TLDBHAEA EGÅ@BTBT AH DLRXGQX]E OHGTXE@



88FHM]H]L =>56

Ah ltrl èal, hg dlgtre ah è rhh`hddbôg hsterïeg `ls espbregths prhsbahgdbe`hsah` `bmhre`bsol y ah` dl`lreabsol, quh prhfbhrhg ug eavhrserbl ohgls y, slmrhtlal, gl ahsheg ugl quh tbhgh h` eperetl ah Hsteal hg sus oegls. Gl she quh`l oe` hop`hh e su fevlr. Hfreïg E`hirh y Oerbl Emal Mhgïthz, dlg shiurbaea, hgtrhltrls.

Dlg hsth prlteilgbsol abfïdbòhgth erolgbzem`h, gl hxbsth cly uge erieoese peredh`hmrer uge e`begze rh-h`hdtlre`bste. Tb h` prhsbahgth lptere plr ̀ e vïe ah ̀ e hgobhgae(quh gl ̀ èoe e dlgvhgdbôg dlgstbtuyhgth, sbgl, sbop`hohgth, cedh usl ah Dlgirh-sl Gedblge`), `h shrïe abfïdb` deomber h` vltl ah `ls perèohgterbls quh sh lplghge è rhh`hddbôg. Gl tbhgh ug lmjhtl ah bgthrdeombl, eìl e quâ rhgugdber, eìl quhltlrier pere vl`der ès lpdblghs. R sb hsdlibhre h` deobgl ah `ls vltls plpuèrhs(rhflroe y dlgstbtuyhgth), su hstb`l ah prhsbahgdbe, su hjhrdbdbl ah` ilmbhrgl hgirupls phquhõls y ah ihstbôg bgstbtudblge` gl drhe è oïstbde deuab``bste quh pu-abhre shr useae pere bopu`ser ug deombl dlgstbtudblge` hg glomrh ah su ̀ bahrezil

phrslge`.

Cey hg h` êreiuey ug phrsbsthgth pågbdl pl`ïtbdl e è rhh`hddbôg. Hg h` sbi`l SBS hòegal vbte`bdbl ah `ls h`hdtls fuh sbgôgbol ah olgerquïe, dlg `ls @ôphz y Fregdbe.Hg h` sbi`l SS, è rhh`hddbôg sbigbfbdô abdteaure ob`bter. Auregth è tregsbdbôg, è DerteOeige è dlgvbrtbô hg oeàbdbôg dlgtre h` prhsbahgth Egarâs ]larïiuhz. H` fegtesoehstå ecï. R cedh abfïdb` h` dlgshgsl slmrh è rhh`hddbôg.

@e bgdôigbte sbiuh sbhgal h` bgthrâs ah Derths hg è rhh`hddbôg. L, ohjlr, è bgthgsbaeaah` bgthrâs ah` tbtuèr ah` Hjhdutbvl hg prlshiubr hg h` oegal. @e sldbl`liïe ah `ls prhsb-ahgths, hg è treabdbôg rhpum`bdege, gls duhgte quh è thgtedbôg ah tlal prhsbahgth hsphroeghdhr. Geae guhvl. ^hrl cedhr`l hg dlgtre ah ès `hyhs l flrzegal h` dlgshgslpl`ïtbdl puhah shr ug eroe ah alm`h fb`l. Hs plsbm`h quh Derths ceye chdcl ès duhgtesy ``hieal e è dlgdùsbôg ah quh pbhrah oås ah `l quh iege dlg bopu`ser è rhh`hddbôg;y, hg deombl, puhah alrobr dôolaeohgth slmrh `ls èurh`hs ah su ùstrl prhsbahgdbe`.Hg prbohr ùier, h` prhsbahgth dlgtrbmuyô sustegtbveohgth e è vbdtlrbe h`hdtlre` ougbdb-pe` ah` dl`lreabsol auregth su dlrtl tbhopl ah –`ègure‒ (ès h`hddblghs ougbdbpe`hs ah=>5>), duegal h` dl`lreabsol sh cemïe quhaeal sbg `ls rhdursls púm`bdls cembtue`hs ycumbhre plabal ahrruomersh sbg h` eplyl ah Derths. Re quh `ls dlrrh`biblgerbls puabhg-ths prhfbhrhg seder egths quh plghr flgals hg su pertbal.

Hg shiugal ùier, ahvl`vbô h` ilmbhrgl e` dl`lreabsol. Hg =>58 h` dl`lreabsol glthgïe degabaetls, gb prlireoe, gb oeylrhs hsphregzes. H` `lde` ah è Jugte ah Il-mbhrgl ah` pertbal ah` Hsteal ``hiô e vedbersh. Gl cemïe abghrl pere ug fugdblgerbe-al pertbaerbl susthgteal dlg rhdursls púm`bdls.

Hg thrdhr ùier, dlg Derths h` peïs rhirhsô e` ougal bgthrgedblge` ah` due` hstemeshirhieal ahsah h` ahrrldeobhgtl ah @uil. H` th`âflgl ah` degdb``hr ah` ilmbhr-gl ah Fregdl gl sh ethgaïe e``hgah `ls rïls êreiuey y êregå.



66HDLGLOÏE R TLDBHAEA EGÅ@BTBT AH DLRXGQX]E OHGTXE@

Hg duertl ùier, h` drhdbobhgtl hdlgôobdl pereiueyl sh slstbhgh hg tbhoplsah turmu`hgdbe ougabe` y rhiblge`, ̀ l quh gl ahmhrïe shr dlgsbahreal plde dlse.Dlg Mresb`, Erihgtbge, Eoârbde @etbge, `ls peïshs hohrihgths y h` prbohr oug-al hg ahsdhgsl, h` drâabtl oås abfïdb` y h` prhdbl ès oethrbes prboes absobgu-yhgal, h` êreiuey oegtbhgh su drhdbobhgtl.

Hg qubgtl ùier, cuml evegdhs hg è ùdce dlgtre hse lsdure oegdce quh sh `è-oe dlrrupdbôg, tegtl hg h` shdtlr prbveal (ohjlr ès fuhrzes vbves) duye hvesbôgy hùsbôg fbsde` sh vbhgh dlometbhgal, dlol hg h` shdtlr púm`bdl y pl`ïtbdl dlg èdeopeõe hoprhgabae dlgtre qubhghs hop`heg hg flroe b`hie` `ls seèrbls ah` Hste-al, `ls –pègb``hrls‒.

Hg shxtl ùier, fuh e`hgteae è haudedbôg, slmrh tlal è suphrblr. @e ùdce hstuabegtb`fuh rhdlgldbae, duegal gl rhspeàeae. Th ou`tbp`bderlg `ls flgals ah mhdes ugbvhr-sbterbes, esï dlol `ls flgals pere è hxdh`hgdbe y è bgvhstbiedbôg.

R, hg sâptbol ùier, sh ce slsthgbal ̀ e pl`ïtbde sldbe` bgbdbeae ahspuâs ah` ghl- ̀ bmhre`bs-ol, ̀ e ahsvhgtureae pl`ïtbde quh cemïe hoplmrhdbal teg bopèdem`hohgth e ̀ ls plmrhs.ûhah shr quh eìugls iestls ah è shiurbaea sldbe` sh ceyeg ahsedh`hreal, phrl shedh`hrerlg `ls flgals prlaudtbvls pere è hdlgloïe oås vu`ghrem`h.

Hs prlmem`h quh hstls hoprhgabobhgtls dlòhg ye ès hxphdtetbves prhsbahgdbe`hsah Clredbl Derths. Uuh ceyeg sbal h` dlgjugtl ah ohtes quh sh cemïe prlpuhstl. Rquh su rhe`bzedbôg she h` `hieal quh ahshe ahjer. Thrïe plr hsl, hgtlgdhs, quh gl ceyug bgthrâs oeyúsdu`l hg etlrgb`èrsh e ̀ e sb`è prhsbahgdbe`. @e eombdbôg phrslge` puhah

hster frhgeae, eahoås, plr prlgôstbdls ohgls lptbobstes pere h` futurl ilmhrgegthah su derpe pl`ïtbde.




3

@ls ahmeths e`teohgth derieals ah ahsdlgldbobhgtl y ah prhjubdbls sbiubhrlgdlg ès drïtbdes e `ls `bopbevbarbls, l ‐hxtlrsblgealrhs‟ dlol `ls `èoô ug dlg-dhje` ougbdbpe`. êre hgthgahr è prlm`hoåtbde sldbe` ah hsth irupl ah jôvhghsgl cey quh hstuaber gb `hhr oudcls bgflrohs. Tl`l cey quh ahabder ugls obgu-tls e è `hdture ah trïptbdls y ltrls alduohgtls dlrtls ah è Abrhddbôg Ihghreàh Hsteaïstbdes, Hgduhstes y Dhgsls pere dloprhgahr è sbtuedbôg èmlre` ah è

juvhgtua. R sb hse terhe perhdh ye ouy phseae, mesterå dlg `hhr gltbdbes dlrteshg è prhgse slmrh `ls ahsestrlsls rhsu`teals ah` hxeohg tloeal e `ls jôvhghsquh espbremeg e ès mhdes ah Btebpú, pere fbiurersh ès lplrtugbaeahs èmlre`hsquh è juvhgtua plarïe thghr, aeae è de`baea ah guhstrl edtue` sbsthoe haude-tbvl.

^hrl cey, eahoås, uge fuhrth bgdlgsbsthgdbe hg h` absdursl ah hsth irupl ah bg-thrgeutes: sb è juvhgtua gl tremeje hs cereiege, y sb se`h e cedhr `l quh puhah shdlgvbhrth hg lmjhtl ah prlcbmbdbôg y ah dårdh`.

Oh prhiugtl quâ cumbhre peseal sb Derl`bge cumbhre ahdbal cubr pere dlgvhrtbrsh hg`bopbevbarbls egths ah quh sus ‐petrlghs‟ oe`tretealrhs è oeteshg. ¼Hre ghdhserblquh ourbhre pere quh è ihgth sh hsdegae`bdh< Tb cumbhre lpteal plr ègzersh e shr`bopbevbarbls ¼bme e shr uge ‐hxtlrsblgealre‟ y cumbhsh ohrhdbal ug cedcezl<

@l phlr ah` desl hs quh, eahoås ah su fe`te ah bgflroedbôg y ah sus prhjubdbls, ug iru-pl boplrtegth ah è sldbhaea pbhgse quh, plr shr plmrhs, `ls plmrhs ahmhg sufrbr tlaltbpl ah vhjedblghs, dlol ldurrh dlg ès drbeabtes. Oudce ihgth ah Vequhrïe semïe ah`ls oe`tretls hg è dese algah vbvïe Derl`bge y gl sh tloô è ol`hstbe ah ahgugdber`lspere prhvhgbr su ouhrth. Qeg edhpteae hs hste bahe quh ug abputeal prlpusl rhpuaber h`‐drbeaezil emusbvl‐, dlol sb hxbstbhsh ug râibohg ah hxp`ltedbôg muhgl y ltrl oe`l.¼Thrå quh plahols dlgstrubr ug peïs ahserrl`èal y uge sldbhaea juste dlg hsth boe-ibgerbl sldbe` teg fuhrthohgth bgsteèal< ¼Dôol absdutbols ès bgbdbetbves ah pl`ïtbdespúm`bdes duegal pere oudces phrslges, hgtrh h`ès eutlrbaeahs quh ahmhrïeg rhprhshg-ter e tlals, bgdùsbvh e ès drbeabtes, e `ls `bopbevbarbls y e `ls bgugaeals, ès prbohreslpdblghs slg è hxpu`sbôg ah` thrrbtlrbl, è prlcbmbdbôg y h` hgdbhrrl<



222

HDLGLOÏE

ABLGBTBL ML]AE

H@ ^HABAL R ^LTQH]BL] ]HDCEZL AH@ ]HME@EGDHL AH @ET AH QE]BFET AH TH]VBDBLT^ÚM@BDLT AH HGH]IÏE H@ÂDQ]BDE R EIXE DLBGDBABH]LG DLG @ET ]HBQH]EAET FE@@ETAH @LT TBTQHOET: BGQH]]X^DBÔG AH @LT TH]VBDBLT, @HGQBQXA AH @ET ]HÊ]EDBLGHT,

BGQH]FH]HGDBET AH@ Q]ÅGTBQL EXQLOLQL] R AEÕLT R ^Â]ABAET OEQH]BE@HTLDETBLGEAET E @LT XTXE]BLT. @ET UXHJET DBXAEAEGET ^L] HTQLT BGDLGVHGBHGQHTQBHGHG ]HTX@QEALT Ê]DBE@HT HG H@ DL]QL ^@EZL ^H]L, AHMBAL E @E AHTBABE AH@HTQEAL AHTAH CEDH OXDCL QBHO^L, @ET TL@XDBLGHT AH FLGAL GL TLG FÅDB@HT RQLOE]ÅG QBHO^L.

FE@@ET HG @E L]IEGBZEDBÔG AH @ET HO^]HTET

@e Eaobgbstredbôg Gedblge` ah H`hdtrbdbaea (EGAH), è Hoprhse ah Thrvbdbls Tegbterblsah` êreiuey (HTTE^) y ès ahoås hoprhses ah` Hsteal, bgdùyhgal e è Dlopeõïe êre-iueye ah Dlougbdedblghs (Dlpedl), ^htrô`hls êreiueyls (^htrlper), Bgaustrbe Gedblgeàh` Dhohgtl (BGD) y Deões êreiueyes (Depese), eal`hdhg ah` obsol prlm`hoe. êreabsobgubr `ls hxdhsls y ermbtrerbhaeahs sh prldhabô e è h`bobgedbôg ah `ls abrhdtlrbls,duyls obhomrls hreg ahsbigeals plr ob`btegdbe pertbaerbe. ^hrl, sb cumbhshg fugdblgealdlg drbthrbl prlfhsblge`, hsls abrhdtlrbls plarïeg cemhr edtueal ah dlgtrephsl y dlgtrl` e`ls prhsbahgths quh eclre hjhrdhg h` oegal bgabvbaue` ah ès hoprhses púm`bdes.

@e hstrudture lriegbzedblge` ah ̀ es hoprhses púm`bdes pereiueyes gl sbhoprh rhs-plgah e drbthrbls olahrgls ah ilmhrgegze dlrplretbve hgfldeals hg è hfbdbhgdbe,

è hfbdedbe y ̀ e tregsperhgdbe ah ̀ e ihstbôg. @e lriegbzedbôg sbiuh rhsplgabhgal, hgoeylr l ohglr ohabae, e drbthrbls d`bhgthèrhs y prhmhgaerbls. Egths y auregth ètregsbdbôg e ̀ e aholdredbe, geabh sh ce ldupeal ah hxbibr ̀ e hfbdbhgdbe dlol lmjhtb-vl ah è hstrudture lriegbzetbve, ah dubaer h` petrbolgbl ah ès hoprhses púm`bdesy ah hvbter `ls rbhsils fbsde`hs quh ahvbhghg ah ès ahdbsblghs tloeaes plr h`ès.

Hg ihghre`, h` dlgtrl` ah` Hsteal ah è eaobgbstredbôg, ihstbôg y hxpegsbôg ah sushoprhses ce sbal aâmb`. Ceste eclre `ls dlgtrl`hs sh dbrdugsdrbmhg e `ls esphd-tls dlgtem`hs y gl emerdeg è ihstbôg gb è pègbfbdedbôg ah ohabegl y èril pèzl.Cuml verbls bgthgtls ah olahrgbzer ès hoprhses púm`bdes pere quh h`ès ohjl-

rhg sus shrvbdbls y rbgaeg utb`baeahs, phrl `ls rhsu`teals fuhrlg plmrhs hg tlals`ls desls.

@ET AHMB@BAEAHT AH

@ET HO^]HTET ̂ ÚM@BDET

FHM]H]L =>56



5>5>HDLGLOÏE R TLDBHAEA EGÅ@BTBT AH DLRXGQX]E OHGTXE@

Eìugls ilmbhrgls hoprhgabhrlg prldhsls ah prbvetbzedbôg quh throbgerlg hgoerdeals fredesls. Hg eìugls desls, è ahthddbôg ah dlgetls ah dlrrupdbôgperô e tbhopl è hgejhgedbôg ah hoprhses quh fuhrlg dlgvhrtbaes hg sldbhaeahsegôgboes y quhaerlg e ohabl deobgl ah è prbvetbzedbôg, edtueòhgth `èoe-aes ‐sldbhaeahs egôgboes dlg pertbdbpedbôg eddblgerbe oeylrbterbe ah` Hste-

al‟. Ltrls ilmbhrgls drherlg h` Dlgshjl ah Olahrgbzedbôg, ùhil h` Dlgshjlah Hoprhses ^úm`bdes y, ú`tboeohgth, h` Dlgshjl Gedblge` ah Hoprhses ûm`b-des rhibal plr è @hy 8.>83/=>54, dlg `bobteals bopedtls ceste eclre.

HTDETLT D]BQH]BLT HDLGÔOBDLT HG @E EAOBGBTQ]EDBÔG

@es hoprhses púm`bdes pldes vhdhs ceg prhshgteal hstuabls ah dlstls y terb-fes. @e fe`te ah tregsperhgdbe y h` oe` shrvbdbl ès ceg ``hveal e gl edtue`bzer susprhdbls y terbfes. @es hgtbaeahs ah rhiuèdbôg drheaes hg `ls shdtlrhs ah eiue yth`hdlougbdedblghs clgrerlg ouy pldl su obsbôg ah vhèr plr è hfbdbhgdbe ah èshoprhses y è prlthddbôg ah `ls usuerbls. R ès hoprhses gl rhiuèaes prådtbde-ohgth gl rhvhèg sus gúohrls y hsteaïstbdes.

Ltre fe`è eirevegth slg ès pârabaes hg è prlvbsbôg ah shrvbdbls y mbhghs ah Hsteal,pertbduèrohgth hg è hgtrhie ah eiue y h`hdtrbdbaea. Hsth prlm`hoe tâdgbdl sh ohgdbl-ge hg `ls bgflrohs phrl gl hxbsth ug pèg dlgldbal algah ès hoprhses hxprhshg susdloprlobsls, de`du`hg `ls dlstls y ahfbgeg ug drlglireoe ah rhauddbôg ah pârabaes.

Gl hs plsbm`h phgser hg hfbdbhgdbe ah ̀ ls shrvbdbls sb âstls gl slg pègbfbdeals ah eduhr-al dlg h` drhdbobhgtl ah è hdlgloïe. @e prlirhsbve oeylr ahoegae hxbih bgdrhohg-ter hg flroe prlireoeae è prlauddbôg pere setbsfedhr ès ghdhsbaeahs ah dlgsuol,phrl ès hoprhses púm`bdes derhdhg ah pèghs ah hxpegsbôg y gl tbhghg fbgegdbeobhgtlpere ès bgvhrsblghs rhquhrbaes. Tb mbhg hs dbhrtl quh, dlg ès rhdbhgths hobsblghs ahmlgls slmhregls, ú`tboeohgth fuhrlg ahstbgeals flgals e eìuges ah ès hoprhsespúm`bdes, hg h` desl ah è hghriïe h`âdtrbde perhdh quh gl hståg sbhgal dumbhrtes èsghdhsbaeahs bgohabetes ah rhdursls pere ohjlrer è abstrbmudbôg.

Ltre fuhrth rhstrbddbôg hs è eduouèdbôg ah ahuaes ah` prlpbl shdtlr púm`bdl dlgès hoprhses hstete`hs plr h` dlgsuol ah shrvbdbls måsbdls quh h`ès prlvhhg. H`

etresl ah peils ``hie, shiúg ug hstuabl rhdbhgth, e XT$ 51> ob``lghs, ah `ls due-`hs XT$5>> ob``lghs dlrrhsplgahg e è ahuae dlg è EGAH. êre segher è hdlgl-oïe ah ̀ es hoprhses púm`bdes gl slèohgth hs ghdhserbl quh abdces ahuaes shegdegdhèaes, sbgl teombâg quh sheg rhvbseals `ls e`tls dlstls eaobgbstretbvls plrhxdhsl ah fugdblgerbls y mhghfbdbls hsphdbe`hs, esï dlol `ls sumsbabls embhrtlsy hgdumbhrtls. Hstls pesls prhvbls phrobtbråg tregsperhgter `ls dlstls, edtue`bzer èsterbfes y ahthrobger dlg oeylr redblge`baea ès tregsfhrhgdbes ah ès hoprhses e`Qhslrl.



55FHM]H]L =>56

55

Ah eduhral dlg è @hy 8.>83/=>54 y su ahdrhtl rhièohgterbl, h` Dlgshjl Ge-dblge` ah ès Hoprhses ûm`bdes (DGH^), dlgflroeal plr h` Obgbsthrbl ah Ce-dbhgae, h` Obgbsthrbl ah Lmres ^úm`bdes y Dlougbdedblghs, h` Obgbsthrbl ahBgaustrbe y Dlohrdbl y è ^rldureaurïe Ihghre` ah è ]hpúm`bde, duop`h ès fug-dblghs ah dlgtrlèr, suphrvbser y fbsde`bzer è ihstbôg ah ès hoprhses púm`bdes;

bgthrvhgbr hg è tregsflroedbôg y eahduedbôg ah è dlgauddbôg ihghre` ah èsobsoes; y, pertbdbper hg h` abshõl y hjhdudbôg ah `ls pèghs y prlyhdtls ah ol-ahrgbzedbôg ah h`ès. Qbhgh, puhs, è lm`biedbôg ah aer e dlgldhr è clje ah ruteah ès hoprhses púm`bdes hg `l quh rhste ah` phrblal ah hste eaobgbstredbôg,pere vhr sb `ls pèghs hstretâibdls epugteg rhe` y dlrrhdteohgth e dlrrhibr susahmb`baeahs hstrudture`hs, obhgtres sh ldupeg ah rhsl`vhr `ls prlm`hoes oåsurihgths.



5=5=

H@ =>56 TH ^]HTHGQE DLOL XG EÕL AH AHTEFÏLT BGQHGTLT, AEAE @E ]HDHTBÔG HG@LT ^]BGDBÊ@HT TLDBLT DLOH]DBE@HT AH@ ÊÏT R @E ]HAXDDBÔG AH @LT ^]HDBLT

AH @LT DLOOLABQBHT EI]ÏDL@ET UXH DEXTE]ÅG XGE ]HAXDDBÔG HG H@ ]BQOL AH@

D]HDBOBHGQL HDLGÔOBDL. ^L] QEGQL, @E HS^HDQEQBVE AH XGE OHGL] ]HDEXAEDBÔGAH BO^XHTQLT HTQÅ @EQHGQH. ^L] H@@L, OÅT UXH GXGDE HT GHDHTE]BL ^LGH]

ÂGFETBT HG @E DE@BAEA AH@ IETQL ^ÚM@BDL E Q]EVÂT AH XGE OERL] HFBDBHGDBE HG@E HJHDXDBÔG AH @LT ^]LI]EOET ^]HTX^XHTQE]BLT, TLM]H AH @ET BGVH]TBLGHT,

EGE@BZEGAL QEOMBÂG H@ ]HQL]GL AH@ IETQL Q]BMXQE]BL.

Demh dlgsbahrer, hg prbohr ùier, quh gl sbhoprh ug drhdbobhgtl h`hveal ah` ^rlaudtlBgthrgl Mrutl (^BM) tuvl rhèdbôg abrhdte dlg h` dloplrteobhgtl ah ès rhdeuaedblghs. ^lrhjhop`l, duegal hg h` eõl =>54 h` ^BM drhdbô 51% `ls bgirhsls trbmuterbls `l cbdbhrlg hg

sl`l 6,6%, obhgtres quh hg h` eõl sbiubhgth, duegal h` ^BM drhdbô 1,9% è rhdeuaedbôg ahbopuhstls euohgtô 53%. ^lr `l tegtl, eahoås ah` drhdbobhgtl hdlgôobdl, hxbsthg ltrlsfedtlrhs quh ahthrobgeg è rhdeuaedbôg trbmuterbe. Hgtrh h``ls, è ohjlre ah è hfbdbhgdbe hg`ls dlgtrl`hs rhe`bzeals plr ès eutlrbaeahs boplsbtbves fuh ugl ah `ls fedtlrhs oås boplr-tegths quh phrobtbhrlg abdcl drhdbobhgtl hg =>51. ^lr h``l, sb hg =>56 sh `lire uge hjhdu-dbôg ah iestls sbobèr e ̀ e ah` eõl =>58, sh plarïe e`degzer ug gbvh` ah rhdeuaedbôg quh phr-obte oegthghr ̀ e prhsbôg trbmuterbe y slsthghr h` aâfbdbt fbsde` hg e`rhahalr ah` 5,8% ah` ̂ BM.

HDLGLOÏE

JX@BL ]EOÏ]HZH@ ̂ EGL]EOE FBTDE@

HG =>56

I]EFBDL 5: BGI]HTLT Q]BMXQE]BLTHG OB@HT AH OB@@LGHT AH IXE]EGÏHT

=>58 =>56

5>.>>>

5>>.>>>

5.>>>

5>>

5>

5

Fuhgth: Obgbsthrbl ah Cedbhgae.

Bgirhsls ̂ rhsupuhsteals Hjhdudbôg ^rhsbôg Qrbmuterbe

52.834

2=,5

5=,=2

=>.63>

2=,5

5=,=9

HDLGLOÏE R TLDBHAEA EGÅ@BTBT AH DLRXGQX]E OHGTXE@



54

I]EFBDL =: HVL@XDBÔG AH @E BGVH]TBÔG FÏTBDEHG OB@HT AH OB@@LGHT AH IXE]EGÏHT

=>5= =>54 =>51 =>58 =>56

6.>>>

1.>>>

4.>>>

=.>>>

5.>>>

8.>>>

>

Fuhgth: Obgbsthrbl ah Cedbhgae.

=.33= =.2=44.=21

4.989

8.495

FHM]H]L =>5654

@e hstrudture ah `ls iestls lphretbvls ah` ilmbhrgl ouhstreg è obsoe rbibahzah` prhsupuhstl quh hg eõls egthrblrhs, algah ès rhoughredblghs e `ls ho-p`heals dlgdhgtreg desb è obtea ah `ls iestls lphretbvls (16,4%, Duearl 5).Thiubaeohgth, ès algedblghs quh h` Ilmbhrgl Dhgtre` rhe`bze tbhghg uge pertb-dbpedbôg sbobèr e ès prhstedblghs sldbe`hs (jumbèdblghs y phgsblghs y sumsbabl

feob`ber), dhrdege e` 59%.

QLQE@ %AHTD]B^DBÔG

=2.211,>54.384,2

8.>65,58.>4=,24.=14,95.612,25.85=,>5.42>,25.465,6

9>,9

5>>,>16,4

56,256,35>,38,88,>1,61,8>,=

DXEA]L 5: IETQLT L^H]EQBVLT ^]HTX^XHTQEALT - =>56HG OB@HT AH OB@@LGHT AH IXE]EGÏHT

]houghredbôg e ̀ls hop`heals

Algedblghs^rhstedblghs sldbe`hsXsl ah mbhghs y shrvbdblsMbhghs ah dlgsuolThrvbdbls gl phrslge`hsBgthrhshsLtrls iestlsLtrls usls ah mbhghs y shrvbdbls

Fuhgth: Obgbsthrbl ah Cedbhgae

@e bgvhrsbôg fïsbde ce thgbal ug drhdbobhgtl slsthgbal hg ̀ ls ú`tbols duetrl eõls, slmrh

tlal hg =>58, duegal euohgtô 51,5% dlg rhèdbôg e =>51. ^hrl è hjhdudbôg fuh ahsl`l 8=,8% hg h` =>51 y 86,81% hg =>58 (Iråfbdl =). Ah oeghre quh, dlgsbahregal quhh` bgdrhohgtl tbhgh dlol fuhgth h` hgahuaeobhgtl hxthrgl, sh boplgh è ghdhsbaeaah euohgter sustegdbeòhgth h` ireal ah hfbdbhgdbe hg è hjhdudbôg ah ès bgvhrsblghs.




Hg =>56 h` Ilmbhrgl Dhgtre` tbhgh ug prhsupuhstl eprlmeal pere ès bgvhrsbl-ghs plr 8,1 mb``lghs ah iueregïhs l 296,8 ob``lghs ah aôèrhs. Dlol hsth olg-tl hs sbobèr e` ah `ls eõls egthrblrhs, h` hfhdtl quh è bgvhrsbôg púm`bde puhaethghr pere abgeobzer è hdlgloïe ahphgahrå, prbgdbpeòhgth, ah è ohjlre ahhfbdbhgdbe quh `lirhg ès abstbgtes bgstbtudblghs hgderieaes ah è hjhdudbôg ah

hsth dloplghgth ah` iestl.

@es bgvhrsblghs pègbfbdeaes pere h` eõl =>56 slg abvhrses phrl sh dlgdhgtreg hgè dlgstruddbôg y h` oegthgbobhgtl ah è rha vbe`. ^hrl teombâg hs suoeohgthghdhserbl ohjlrer è hjhdudbôg ah ès bgvhrsblghs ah ohglr hgvhrieaure, edh`hreg-al è dlgstruddbôg ah deobgls vhdbge`hs, ah hsduhès y ah vbvbhgaes, quh slg èslmres quh ouhvhg e ès phquhões y ohabeges hoprhses ah è dlgstruddbôg quhemslrmhg uge ireg degtbaea ah oegl ah lmre eahoås ah efhdter plsbtbveohgth ède`baea ah vbae ah ès plmèdbôg ah ohglrhs bgirhsls.

Thrå bophretbvl, esbobsol, ohjlrer è esbigedbôg ah `ls iestls dlg flgals ah `ls rl-ye`tbhs y dlophgsedblghs quh e trevâs ah ès ougbdbpe`baeahs y ilmhrgedblghs slgusueòhgth ahstbgeals e bgvhrsblghs `lde`hs y e`bohgtedbôg, y tbhghg ug hfhdtl oåsabrhdtl hg ès phrslges.

^lr ú`tbol, hg uge dlyugture fbsde` hg è quh sh hgtre hg h` qubgtl eõl dlgshdutbvl ahaâfbdbt, hs ghdhserbl rhe`bzer uge hveùedbôg ah `ls iestls trbmuterbls. Esï sh ahglobgehg è jhrie fbsde` e equh``ls bgirhsls quh h` Hsteal ahje ah phrdbmbr plr dbhrtls bgdhgtb-vls, ahauddblghs y ahvlùdblghs ah bopuhstls. H` egå`bsbs ah` rhtlrgl quh è hdlgloïerhdbmh ah ès hxhgdblghs quh h` Hsteal ltlrie rhsu`te boprhsdbgabm`h pere ohjlrer h`rhgabobhgtl ah deae trbmutl y è hqubaea fbsde` hgtrh tlals `ls shdtlrhs hg ug sbsthoealgah `ls bopuhstls bgabrhdtls sbiuhg prhalobgegal.



5858

HDLGLOÏE

ABHILAXE]QHTDCXTTOX@@H]

E DBH]]H AH =>58 H@ TBTQHOE FBGEGDBH]L Q]EABDBLGE@, DLO^XHTQL ^L] MEGDLTR FBGEGDBH]ET, CE OLTQ]EAL XGE ^H]FL]OEGDH ]EZLGEM@H E ^HTE] AH CEMH]HGF]HGQEAL DEOMBLT TBIGBFBDEQBVLT HG @LT OH]DEALT, AH@ OE]DL JX]ÏABDL R

AH@ QB^L AH DEOMBL, H@ EXOHGQL AH @ET DLGVLDEQL]BET AH ED]HHAL]HT RXG TLGEAL DETL AH UXBHM]E AH XGE HGQBAEA.

H` egå`bsbs ihghre` phrobtbô lmshrver deredthrïstbdes sbobèrhs hg ug boplrtegth gúohrlah hgtbaeahs, bgahphgabhgthohgth ah` teoeõl l h` gbdcl ah ohrdeal hg h` quh lphreg. Rhstl tbhgh quh vhr, måsbdeohgth, dlg h` ahthrblrl ah ̀ e de`baea ah è derthre ah drâabtls,algah h` euohgtl ah è olrlsbaea, ès prhvbsblghs, è eajuabdedbôg ah mbhghs hg ie-regtïe y `ls prâsteols rhfbgegdbeals, rhhstrudtureals y rhglveals (teombâg dlgldbalsdlol derthre ]]]) fuhrlg ̀ ls dloughs ahglobgealrhs hg ̀ e oeylrïe ah ̀ es hgtbaeahs,e reïz ah ès abfbdu`teahs quh etrevhserlg `ls shdtlrhs eirlphduerbl, ah obdrldrâabtls

y ah dlgsuol, e `ls quh h` sbsthoe fbgegdbhrl eplstô dlg fuhrze hg `ls ú`tbols eõls.

@uhil, âste sbtuedbôg cbzl quh sh ahsedh`hrh ̀ e hxpegsbôg ah` drâabtl, slmrh tlal hg h`shiugal shohstrh ah` eõl, e phser ah quh hg h` meègdh i`lme` sh lmshrvô ug bgdrhohgtlah ès dl`ldedblghs hg dloperedbôg e abdbhomrh ah =>51, phrl dlg h` eirhieal ahquh è ahprhdbedbôg deomberbe dlgtrbmuyô e emu`ter abdces dl`ldedblghs, esï dlol `lsahpôsbtls, e` shr hxprhseaes hg olghae `lde`.

Hg =>58 h` vlùohg ah ahpôsbtls sh bgdrhohgtô `hvhohgth, dlgthxtl hg h` quh`ls ahpôsbtls e pèzls (DAEs) dlgtbguerlg iegegal thrrhgl. Hstl ú`tbol gl sl`l

fuh ug bgabdetbvl ah è dlgfbegze ah abfhrhgths eihgths hdlgôobdls hg è seùaah` sbsthoe fbgegdbhrl, sbgl teombâg ltlrie e` sbsthoe fbgegdbhrl prhvbsbmb`baea ylplrtugbaeahs pere dlgtbguer hxpegabhgal ès dl`ldedblghs, bgdùsbvh e pèzlsoås èrils quh phrobteg obtbier `ls rbhsils ah ahsde`dhs fbgegdbhrls ah feob`besy hoprhses, e``ï algah `ls vhgdbobhgtls ah ès lm`biedblghs sh hgduhgtreg eúg edlrtl pèzl.

TBQXEDBÔG R ^H]T^HDQBVET

AH@ TBTQHOE FBGEGDBH]L

FHM]H]L =>56




Hg h` obsol shgtbal, `ls peråohtrls ah `bqubahz, hfbdbhgdbe lphretbve y depbte-`bzedbôg gl sufrbhrlg verbedblghs sbigbfbdetbves hg `ls ú`tbols ohshs. Qeopldldeomberlg oudcl `ls bgabdealrhs ah rhgtemb`baea, gl lmstegth h` boplrtegthdrhdbobhgtl ah ès prhvbsblghs auregth h` eõl =>58, e`degzegal gbvh`hs setbsfed-tlrbls quh puhahg dloperersh plsbtbveohgth dlg `ls ah ltrls sbsthoes fbgeg-

dbhrls ah è rhibôg.

Hs esï dlol ̀ e hstemb`baea oedrlhdlgôobde ah` peïs dlgtrbmuyô e ̀ e ah` sbsthoefbgegdbhrl, y eomls dloplrteobhgtls sh rhflrzerlg rhdïprldeohgth. Eyuaô, bg-dùsbvh, e` muhg ahshophõl ah` ohrdeal ah ve`lrhs, algah sbtuedblghs ghietbvespugtue`hs gl tuvbhrlg, fbgeòhgth, bgdbahgdbe hg ̀ e dlgfbegze ah ̀ ls bgvhrsblgbstes.

^lr ltrl èal, e` ege`bzer e ès hgtbaeahs fbgegdbhres shiúg h` shiohgtl hg h` quh dlg-dhgtreg sus edtbvbaeahs drhabtbdbes, sh tbhgh quh equh``ls megdls y fbgegdbhres quhlphreg hg h` shdtlr ah ès obdrl, phquhões y ohabeges hoprhses (Obpyohs) sh cegvbstl efhdtes, plr `ls fedtlrhs egths ohgdblgeals, hg oeylr ireal quh ès hgtbae-ahs fbgegdbhres ah oås iregahs y dlg abfhrhgths hgflquhs ah ghildbls. Hstl sh cerhf`hjeal hg h` ahthrblrl ah ̀ e de`baea ah sus derthres ah prâsteols y ̀ e dlgshduhgthghdhsbaea ah dlgstbtudbôg ah oeylrhs prhvbsblghs, cedbhgal quh verbes hgtbaeahsah hsth reol e`degdhg utb`baeahs sbobèrhs e ès rhibstreaes hg h` =>51 l plr ahmejlah ès rhibstreaes ug eõl egths. Gl lmstegth, demh shõeèr quh, e phser ah` ohglrahshophõl ah` shdtlr, e sbop`h vbste gl sh ceg eprhdbeal sbtuedblghs ah rbhsil quhahsteder.

Abdcl dloplrteobhgtl ah ès Obpyohs tbhgh su hxp`bdedbôg hg è shgsbmb`baea ah hsthshdtlr e `ls deombls hg è hdlgloïe l shiohgtls hsphdïfbdls ah ghildbls, `l quhefhdte abrhdteohgth ̀ e depedbaea ah peil ah` duhgteprlpbste, dlg oeylr bopedtl dueg-al `ls gbvh`hs ah hgahuaeobhgtl slg h`hveals dlol hs h` desl ah oudcls ahualrhshg è edtue`baea.

Dlol sh hsphre quh è sbtuedbôg ah `ls shdtlrhs dbteals gl deombh sustegdbe`-ohgth hg h` dlrtl pèzl, è prhshrvedbôg ah è de`baea ah è derthre y uge oeylrhfbdbhgdbe lphretbve shråg `ls ahsefïls quh ès hgtbaeahs fbgegdbhres dlgtbgueråghgfrhgtegal pere slsthghr dbhrtls gbvh`hs ah rhgtemb`baea.

Eahoås, sb mbhg h` sbsthoe fbgegdbhrl treabdblge` ilze ah muhge seùa hg `ïghesihghre`hs, gl hs ohgls dbhrtl quh `ls fedtlrhs ah rbhsil ceg vhgbal eop`båg-alsh. ^lr tegtl, hs bophretbvl quh ès bgstbtudblghs ah` Hsteal hgderieaes ahvhèr plr è hstemb`baea ah` shdtlr fbgegdbhrl dlgtbgúhg tremejegal hg h` flrte`h-dbobhgtl ah ès muhges prådtbdes ah ihstbôg, ah eddhsl y dlgsl`baedbôg ah èbgflroedbôg, ah tregsperhgdbe, htd.; y quh `ls dlgtrl`hs sh veyeg edhgtuegaly phrfhddblgegal slmrh equh``ls shdtlrhs algah è rhiuèdbôg eúg hs aâmb` lsbop`hohgth gl ce ``hieal.



595959

HDLGLOÏE

FH]GEGAL OETB

GL DEMHG AXAET AH UXH H@ D]HDBOBHGQL HDLGÔOBDL AH DCBGE5 CE TBALH@ OLQL] ^]BGDBÊ@ AH@ ABGEOBTOL AH @ET HDLGLOÏET HOH]IHGQHT HG @E Ú@QBOEAÂDEAE. QEO^LDL AH UXH QEGQL @E HTQEMB@BAEA OED]LHDLGÔOBDE DLOL

H@ D]HDBOBHGQL AH @LT ÊÏTHT AH EOÂ]BDE AH@ TX] HG H@ OBTOL ^H]ÏLALHTQXVBH]LG BGF@XHGDBEALT ^L] H@ BGD]HOHGQL TBIGBFBDEQBVL AH @E AHOEGAEAH ]HDX]TLT GEQX]E@HT ^L] Ê]QH AH DCBGE.

@e prbgdbpe` hdlgloïe hohrihgth esbåtbde sh dlgvbrtbô hg h` prbgdbpe` sldbl dlohrdbe` ahverbls peïshs ah Eoârbde ah` Tur. H` dlohrdbl mbèthre` fuh è prbgdbpe` `ïghe ah tregsob-sbôg ah è hohrihgdbe ah Dcbge y ah sus hfhdtls hg h` drhdbobhgtl ah Eoârbde @etbge,dlg h` dlgshduhgth euohgtl ah `ls prhdbls ah `ls dloolabtbhs obghre`hs y eirïdlès.Esï, Eoârbde ah` Tur peseme e shr prlvhhalr ah oethrbes prboes h boplrtealr ah oe-gufedtures ah è Dcbge, dlg târobgls ah bgthrdeombl fevlrem`hs.

Dlol sh semh, hg `ls ú`tbols eõls `ls prhdbls ah `ls dloolabtbhs deyhrlg dlolrhsu`teal ah` ohglr drhdbobhgtl ah è hdlgloïe esbåtbde y ah` deombl ah pl`ïtbde ahDcbge, quh eclre ae prhfhrhgdbe e` dlgsuol y `ls shrvbdbls egths quh e ès bgvhrsbl-ghs hg su prlpbl thrrbtlrbl.

^hrl, dlg egthrblrbaea e` hstegdeobhgtl y deïae ah `ls prhdbls ah `ls dloolab-tbhs, h` ilmbhrgl dcbgl abshõô uge hstrethibe ah bgvhrsbôg hxthrge abrhdte (BHA). H`lmjhtbvl hre, hg perth, cedhr quh è rhauddbôg ah` drhdbobhgtl hdlgôobdl hg Dcb-ge gl efhdth hg ahoesïe è rhgtemb`baea ah sus hoprhses. Demh shõeèr quh desbh` 2>% ah ès hoprhses ou`tbgedblge`hs dcbges slg hstete`hs y quh bgdùsbvh èsah depbte` prbveal sh e`bgheg e ès pl`ïtbdes ah bgvhrsbôg hxtregjhre ah` ilmbhrgl.

Hg hsh lrahg, ̀ e pl`ïtbde prhalobgegth ah Dcbge ce sbal sbhoprh ̀ e dlgldbae dlol]hslurdh Abp`loedy l è abp`loedbe ah `ls rhdursls geture`hs. Esï, ès bgvhrsblghsdcbges hg h` ougal sh ceg deredthrbzeal plr dlgdhgtrersh hg hghriïe (prbgdb-peòhgth phtrô`hl) y obghre`hs, dlol teombâg hg rhdursls geture`hs vbgduè-als e è shiurbaea e`bohgterbe.

H@ FEDQL] DCBGE

FHM]H]L =>56

5 Duegal sh ohgdblge Dcbge hg hsth ertïdu`l, sh cedh sbhoprh rhfhrhgdbe e è Dcbge Dlgtbghgte` l ]hpúm̀bde

^lpuèr Dcbge, gl e è ]hpúm`bde Dcbge-Qebweg.




Hg ug shiugal olohgtl, l dlol uge ̀ ïghe ohgls boplrtegth, ès bgvhrsblghsdcbges sh abrbibhrlg e ès lmres ah bgfrehstrudture y tregsplrth. Hg `ls ú`tbolsals eõls, ̀ es bgvhrsblghs ah hsh peïs hg h` ougal teombâg ceg hophzeal e bg-dursblger dlg oeylr vbilr hg h` århe ah shrvbdbls y oegufedtures. @e hstrethibeah ès bgaustrbes dcbges dlgsbsth hg è dlopre ah è prlpbhaea l ah è oeylrïe

eddblgerbe ah hoprhses hurlphes ah eirlquïobdls, deudcl, p`åstbdls, oequb-gerbes bgaustrbe`hs y ah ltrls shdtlrhs femrb`hs. Hste hre teombâg è hstrethibeah bgvhrsblghs hg hghriïe y rhdursls geture`hs, phrl dlg è dlopre ah eddbl-ghs ah hoprhses bgthrgedblge`hs sumsbaberbes hg ̀ ls peïshs ah` Chobsfhrbl Tur.

Ahsah h` eõl =>>> ès bgvhrsblghs dcbges sh dlgdhgtrerlg hg peïshs ah è rhibôgesbåtbde y hg Eustre`be y, hg shiugal ùier, hg h` dlgtbghgth efrbdegl. Hg h` eõl=>5> sh bgbdbô uge oeylr abvhrsbfbdedbôg ihliråfbde ah è BHA dcbge, pesegal Eoâ-rbde @etbge e thghr uge pertbdbpedbôg ah` 59% ah hstes bgvhrsblghs hg h` eõl =>54.H` 68% ah hste bgvhrsbôg hg guhstre rhibôg sh dlgdhgtreme hg h` århe ah hghriïe,

shiubal plr h` 54% hg obghre`hs, h` 2% hg tregsplrth y h` 6,8% hg eirbdu`ture.@ls prbgdbpe`hs ahstbgeterbls ah è BHA dcbge hg Eoârbde @etbge fuhrlg Mresb`, Er-ihgtbge, Vhghzuhè, Hduealr y ^hrú, hg hsh lrahg=.

Dlol sh lmshrve, è pl`ïtbde ah bgvhrsbôg shiubae plr Dcbge hg Eoârbde ah` Tur fuhceste eclre è ah è Abp`loedbe ah `ls ]hdursls. Hg dlgdlraegdbe dlg hste `ïghe prh-alobgegth, `ls prlyhdtls ah bgvhrsbôg dcbge hg Eoârbde ah` Tur sh ceg dlgdhgtrealhg pldes lphredblghs quh edepererlg hgtrh h` 38% y h` 2>% ah è BHA dcbge. Hstlhs, hg prlyhdtls bgthgsbvls hg usl ah depbte` (hghriïe y obghre`hs) ah `ls quh pertb-dbpeg, desb hxdùsbveohgth, hoprhses hstete`hs dcbges i`lme`bzeaes4.

Ê]EIXER, DCBGE R QEBYÅG

E` derhdhr ah rhèdblghs abp`loåtbdes dlg Dcbge, tlal perhdh bgabder quh h` êreiueygl pertbdbpe ah `ls fùjls dlohrdbe`hs y ah bgvhrsblghs quh efhdteg l bgfùyhg e ès hdl-gloïes suaeohrbdeges. Tbg homeril, hste eshvhredbôg hs rhètbve.

Hs dbhrtl quh ès dbfres lfbdbe`hs gl ouhstreg fùjls ah hxplrtedbôg ah` êreiuey eDcbge, sbhgal hste ú`tboe è prbgdbpe` dloprealre ah e`bohgtls prlaudbals plr èshdlgloïes suaeohrbdeges. ^hrl, hs plsbm`h quh `ls peïshs hurlphls, quh slg `lsprbgdbpe`hs dloprealrhs ah slje y dergh ah` êreiuey, sheg e` obsol tbhopl `lsabstrbmubalrhs ah hstls rumrls eahgtrl l fuhre ah Hurlpe. Ah hste flroe ``hierïeg eDcbge `ls dloolabtbhs pereiueyls.

Eúg sb hste trbegiuèdbôg dlohrdbe` gl sh ̀ `hiere e dloprlmer, hs bgghiem`h quh èahoegae ah Dcbge ce sbal è prbgdbpe` rezôg ah` bgdrhohgtl ah `ls prhdbls bgthr-gedblge`hs ah `ls dloolabtbhs eirïdlès. Hstl ú`tbol hstbou`ô ès hxplrtedblghspereiueyes ah te`hs prlaudtls, duyl drhdbobhgtl fuh, e su vhz, h` prbgdbpe` fedtlrah` euohgtl sbg prhdhahgths ah ès hxplrtedblghs tlte`hs ah` êreiuey hg h` ú`-tbol ahdhgbl.

= Ae Oltte Vhbie, .̂ y Tegare .̂ ]bls (=>58). ‐Bgvhstbohgtls abrhtls ah Dcbge ge Eohrbde Al Tu`: hvlùéíl,

dlgtrlvârsbes h phrsphdtbves‟. ]hvbste Mresb`hbre ah Dlohrdbl Hxthrblr Gl. 5=4. ]bl-Mresb`. pp. =6-49 4 Bmba.



52FHM]H]L =>56

52FHM]H]L =>56

Ah ltrl èal, è pertbdbpedbôg ah Dcbge dlol lrbihg y prlvhhalr ah rumrls pereè hdlgloïe pereiueye hs tlteòhgth vbsbm`h. @es boplrtedblghs prldhahgthsah Dcbge rhprhshgterlg h` =8% ah tlaes ès dlopres tlte`hs ah` peïs hg `lsals ú`tbols eõls y Dcbge sh ce dlgvhrtbal, ahspuâs ah Mresb`, hg h` shiugalsldbl dlohrdbe` ah` êreiuey hg târobgls ah dlopres hxthrges1.

E` prbgdbpbl ès boplrtedblghs ahsah Dcbge sh abrbiïeg desb hg su tlte`baea e` dl-ohrdbl ah rhhxplrtedbôg frlgthrbzl. Dlgsbstïeg hg prlaudtls quh, dlg `ls ereg-dh`hs mejls y abfhrhgdbeals ah` ]âibohg ah Qurbsol y `ls prhdbls dcbgls ouyemereteals, hreg ouy dlophtbtbvls pere h` dloprealr mresb`hõl.

Dlg h` tbhopl, sbg homeril, è dloplsbdbôg ah ès boplrtedblghs ahsah Dcbge fuhverbegal dlg è bgdlrplredbôg ah mbhghs ah depbte` (oequbgerbes) h bgsuols quh ce-dhg oås dlophtbtbves e ̀ es bgaustrbes y e` hgseomèjh ah eutloltlrhs (oltldbd`htes,prbgdbpeòhgth), esï dlol ah bgsuols bgaustrbe`hs pere è prlauddbôg eirlphduerbe

hoprhserbe`.

@ls prhdbls ah `ls prlaudtls dcbgls bgirhseals e` peïs ceg sbal sbhoprh ouy dlophtb-tbvls, `l quh e ohgual h` dlgsuobalr pereiueyl etrbmuyh e è meje de`baea ah `ls obs-ols. Tbg homeril, hg `ls ú`tbols 4> eõls è Dcbge ce plabal ahserrl`èr desb tlaes ès`ïghes bgaustrbe`hs, ahsah ès oås måsbdes ceste ès ah oeylr dlgthgbal thdgl`ôibdl, yce `lireal shr dlophtbtbve hg h`ès. Hg rhe`baea, `ls prlaudtls dcbgls boplrteals puh-ahg shr ah meje l ouy muhge de`baea, shiúg sheg ès prhfhrhgdbes l hxbihgdbes ah `lsohrdeals dloprealrhs.

@e dlophtbtbvbaea dcbge ce eyuaeal e mejer `ls dlstls ah prlauddbôg ah ès bgaustrbes ge-dblge`hs hg verbls rumrls quh utb`bzeg bgsuols y mbhghs ah depbte` hg flroe oås bgthgsb-ve, phrl efhdte ghietbveohgth e ltres edtbvbaeahs oegufedturhres dlol, plr hjhop`l,è bgaustrbe thxtb` y ah duhrls y zepetls.

Ú`tboeohgth h` hgseomèjh ah oltldbd`htes y ah deoblghs phquhõls hs uge bgaustrbequh prlirhse ohabegth ès pbhzes y perths boplrteaes ah Dcbge. Bgdùsbvh sh ce egug-dbeal ye è prlauddbôg ah `ls prbohrls eutloôvb`hs femrbdeals hg h` êreiuey dlg bgsu-ols ah è bgaustrbe eutlolvb`ïstbde dcbge y è vhgbae ah sus tâdgbdls. @l quh tlaevïe glsh dlgldh hs sb è thdgl`liïe dcbge e shr utb`bzeae hg h` êreiuey hs ah sufbdbhgth de`b-aea bgaustrbe` pere quh guhstrls vhcïdu`ls gl sl`l sheg meretls sbgl teombâg shiurls.

Tb mbhg hs dbhrtl quh gl sh rhibstre gbgiúg tbpl ah bgvhrsbôg hxtregjhre ah è Dcbge hgh` êreiuey, teopldl cuml hsth tbpl ah efùhgdbe ah depbte`hs ahsah Qebwåg, peïs dlgh` due` slsthghols rhèdblghs abp`loåtbdes ahsah cedh oås ah duetrl aâdeaes. Hg `lquh sh rhfbhrh e` dlohrdbl hxthrblr, ès vhgtes e hsh peïs gl e`degzeg gb h` 5% ah` tlteàh ès hxplrtedblghs pereiueyes, y slèohgth h` >,1% ah guhstres boplrtedblghs prl-vbhgh ah Qebwåg8.

1 Aetls ah` Megdl Dhgtre` ah` êreiuey (MD^).8 Dbfres ah` MD ,̂ Dlohrdbl Hxthrblr =>58.



=>=>HDLGLOÏE R TLDBHAEA EGÅ@BTBT AH DLRXGQX]E OHGTXE@

Hg ltres peèmres, guhstres rhèdblghs dlg Qebwåg gl ceg treïal mhghfbdbls gbhg târobgls ah` dlohrdbl hxthrblr gb hg bgvhrsblghs. Qebwåg sl`l sh ce dlg-dhgtreal hg lfrhdhr algedblghs e` êreiuey pere abstbgtls tbpls ah prlpôsbtls.Hg h` desl ah Dcbge chols hgdlgtreal dbhrtls mhghfbdbls hg h` dlohrdbl hx-thrblr quh ahmhråg shr hveùeals hg târobgls ah prlauddbôg, prlaudtbvbaea y

drhedbôg ah hop`hls. @es bgvhrsblghs dcbges tlaevïe gl hståg prhshgths hg h`êreiuey.

Gl cey auae quh è ahoegae dcbge ah dloolabtbhs y hghriïe, h` bgirhsl ah mbh-ghs ah depbte` y ah bgsuols dcbgls, y ès bgvhrsblghs ah Dcbge hg h` sumdlgtbghg-th, trejhrlg mhghfbdbls e ès hdlgloïes ah Eoârbde ah` Tur. ^hrl ès eutlrbaeahshdlgôobdes ah guhstrls peïshs ahmhrïeg prhldupersh ah quh, hg ùier ah rhs-plgahr úgbdeohgth e ès pl`ïtbdes y hstrethibes ah ahserrl``l ah è prlpbe Dcbge, èvbgduèdbôg dlg h` ibiegth esbåtbdl teombâg dlgtrbmuye e ug drhdbobhgtl hdlgôob-dl oås slsthgbm`h ah guhstre rhibôg. @l prbohrl quh sh ahmhrïe hstem`hdhr hs sb

è edtue` vbgduèdbôg dlg Dcbge eyuae l gl e ohjlrer `ls bgabdealrhs ah` ahserrl``lhdlgôobdl y sldbe` ah guhstrls peïshs.



=5=5=5

HDLGLOÏE

IH]E]AL MHGÏQHZ

H@ ^]HTHGQH HTQXABL HT XGE ]HDL^B@EDBÔG AH@ Q]EMEJL ‐HAXDEDBÔG R LMJHQBVLTAH@ OB@HGBL‟, DXRL ^]L^ÔTBQL HT ]H@HVE] @LT EVEGDHT AH @LT ^]BGDBÊ@HT^]LI]EOET HAXDEQBVLT BO^@HOHGQEALT HG H@ Ê]EIXER DLG H@ FBG AH E@DEGZE]

H@ THIXGAL AH @LT LMJHQBVLT AH AHTE]]L@@L AH@ OB@HGBL (LAO) AH @ET GEDBLGHTXGBAET: @LI]E] @E HGTHÕEGZE ^]BOE]BE XGBVH]TE@. Ê]E H@@L TH EGE@BZEG @LT]HTX@QEALT AH VE]BLT BGABDEAL]HT DXEGQBQEQBVLT.

@es prbgdbpe`hs hvbahgdbes hgdlgtreaes slg ès sbiubhgths:• H` prlireoe ah Dlgsl`baedbôg y Ohjlreobhgtl ah ̀ e Haudedbôg Bgbdbe` y Hsdlèr Måsbde

emslrmh, hg prlohabl, h` 14% ah` prhsupuhstl sldbe` haudetbvl. Hg hsth prlireoesh ahstedeg è hjhdudbôg ah `ls iestls hg dlop`hohgtl gutrbdblge` y hg prlvbsbôgah thxtls, dlg bgdrhohgtls ah 5.5==% y =8=%, rhsphdtbveohgth, ahgtrl ah` prhsu-puhstl haudetbvl hgtrh `ls eõls =>>8 y =>51.

• @e pertbdbpedbôg prlohabl ah` prlireoe ahstbgeal e è Flroedbôg Måsbde ̂ hroeghg-th ah è ^lmèdbôg Jlvhg y Eau`te hs ah eprlxboeaeohgth 4% ah` iestl haudetbvl.Hg ̀ e obsoe sh lmshrve quh auregth h` phrïlal =>5=-=>51 cuml uge absobgudbôg ah`46% ah` iestl ahstbgeal e` prlireoe ah e`femhtbzedbôg y plst e`femhtbzedbôg.

• @e bgvhrsbôg hg h` prlireoe ah Flrte`hdbobhgtl ah è ]hflroe ah è Haudedbôg Hs-dlèr Måsbde tuvl ug prlohabl ah pertbdbpedbôg ah` 5,6% hg h` iestl haudetbvl. Hsthprlireoe prlsbiubô dlg h` prlireoe ah Ohjlreobhgtl ah è HHM-Hsduhè Vbve BB,duyl iestl sh bgdrhohgtô hg =4>% hgtrh `ls eõls =>>2 y =>51.

@E HAXDEDBÔG R

@LT LMJHQBVLT AH@ OB@HGBL:^]BGDBÊ@HT ]HTX@QEALT

FHM]H]L =>56



====HDLGLOÏE R TLDBHAEA EGÅ@BTBT AH DLRXGQX]E OHGTXE@

Hg `l quh rhsphdte e` duop`bobhgtl ah `ls Lmjhtbvls ah` Ob`hgbl, `ls eùogls quh sh hg-duhgtreg fuhre ah` sbsthoe haudetbvl hg è haea hstem`hdbae prhshgteg ès sbiubhgthsteses ghtes:• H` 48% ah ̀ e plmèdbôg gl esbsth e` prhhsdlèr e è haea lfbdbe` hstem`hdbae ah 8 eõls.• H` 52% ah è plmèdbôg gl esbsth e` 5 y = dbd`l e ̀ e haea lfbdbe` hstem`hdbae ah 6 e 55

eõls.• H` 15% ah è plmèdbôg gl esbsth e` 4 dbd`l e ̀ e haea lfbdbe` hstem`hdbae ah 5= e 51 eõls.

@es teses mrutes errljeg `ls sbiubhgths rhsu`teals:• H` 5=% ah `ls oetrbduèals hg h` prhhsdlèr sh hgduhgtre plr hgdboe l plr ahmejl

ah è haea lfbdbe` hstem`hdbae.• H` 55% ah `ls oetrbduèals hg h` 5 y = dbd`l sh hgduhgtre plr hgdboe l plr ahmejl

ah è haea lfbdbe` hstem`hdbae.• H` 52% ah `ls oetrbduèals hg h` 4 dbd`l sh hgduhgtre plr hgdboe l plr ahmejl ah è

haea lfbdbe` hstem`hdbae.• Hg è degtbaea ah eõls ah hstuabls ah è plmèdbôg ah 5> eõls y oås sh lmshrve uge

ireg absperbaea: hg è zlge urmege sh rhibstre ug prlohabl ah 2,9 eõls y hg è zlgerure` ah slèohgth 6,6 eõls, dlg uge mrhdce ah 4,5 eõls hgtrh ugl y ltrl.

• @e tese ah târobgl ah è haudedbôg prboerbe hgtrh ès phrslges ah 58 e 52 eõls ahhaea hs ah` 21,2%, algah sh rhibstre ug oeylr plrdhgtejh ah oujhrhs quh duòbgegè prboerbe dlg uge tese ah` 28,3% frhgth e 21% ah `ls clomrhs.

• @e tese ah ege`femhtbsol ah è plmèdbôg ah 58 eõls y oås esdbhgah e 8,1%. Hste tesehs oås e`te hg ès zlges rure`hs algah h` ege`femhtbsol e`degze h` 2,1% obhgtresquh hg è zlge urmege hs ah` =,2%.

IETQLT TLDBE@HT HG HAXDEDBÔG(HG OB@HT AH OB@@LGHT DL]]BHGQHT)

>>1 - Dlgsl`baedbôg y Ohjlreobhgtl ah@e Haudedbôg Bgbdbe` y Hsdlèr Måsbde>= - Dlop`hohgtl Gutrbdblge`>4 - ^rlvbsbôg ah Qhxtls y Oethrbe`hsAbaådtbdls>51 — Flroedbôg Måsbde ^hroeghgth eè ^lmèdbôg Jlvhg y Eau`te>= - ^rlireoes ah E`femhtbzedbôg y^lst E`femhtbzedbôg>52 - Flrte`hdbobhgtl ah è ]hflroeHaudetbve hg è Haudedbôg Hsdlèr Måsbde>1 - Ohjlreobhgtl ah è HHM-Hsduhè

Vbve BB (MBA-533>/M@-^])

Ê]QBDBÊDBÔG % AH @LT ^]BGDBÊ@HT ^]LI]EOETHG H@ ^]HTX^XHTQL QLQE@ HAXDEQBVL

Fuhgth: Hèmlreal dlg aetls ah ̀ e Tuphrbgthgahgdbe ah Thiurls.

=>>1 =>5>=>>9 =>54=>>8 =>55=>>3 =>51=>>6 =>5==>>2

5.866

4,=

4.86>14,6

>,45,1

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=.1=618,8

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8.=331=,8

5,45,=

4,9

>,=

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5.35413,8

>,85,>

4,1

1.=>315,8

>,95,8

4,4

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=.36616,9

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8.83215,9

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>,4>,6

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=4FHM]H]L =>56

=4

• @e tese ah e`femhtbsol ah ès phrslges ah 58 e =1 eõls dlgtbgúe dlg thgahg-dbes h`hveaes. Hsth dloplrteobhgtl gl tuvl ireg olabfbdedbôg ahsah `lseõls 2>, plr `l quh sh dlgstbtuyh hg ugl ah `ls pldls bgabdealrhs quh oåssh eprlxboe e è ugbvhrse`baea, e`degzegal è tese ah 23,9% hg h` eõl =>51.

Tbg auaes, è ugbvhrse`baea ah è haudedbôg prboerbe gl sh cemrå `lireal pere h` eõl=>58 ahmbal e è meje dlmhrture y, hg eìugls desls, oeè de`baea ah `ls prlire-oes. Qeombâg plrquh prlireoes ye hxbsthgths quh fuhrlg alteals dlg oeylrhsrhdursls rhsu`terlg tlaevïe bgsufbdbhgths, bgdùsl eìugls derhdbhrlg ah dlgtbgub-aea y slsthgbmb`baea dlol dlgshduhgdbe ah bghstemb`baeahs pl`ïtbdes l ah è sustb-tudbôg ah `ls hqubpls tâdgbdls.

Demh ahsteder quh cuml hsfuhrzls ah` Hsteal hg oethrbe ah bgvhrsbôg sldbe` quh shvhg rhf`hjeals hg è hvlùdbôg ah ès fbgegzes púm`bdes. Tbg homeril, h` oeylr iestlhg haudedbôg gl hs sufbdbhgth sb gl hs edlopeõeal plr uge lfhrte haudetbve ah de-`baea quh she depez ah bgthrruopbr h` dbd`l ihghredblge` ah è plmrhze.



=1

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ECONOMIA Y SOCIEDAD - N 37 - FEBRERO 2016 - PARAGUAY - PORTALGUARANI

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