$57,*2 7®&1,&2 &20(5&,$/
UHYLVWD W¹FQLFR SURILVVLRQDO
R HOHFWULFLVWD
6(: (XURGULYH 3RUWXJDO
6(: (852'5,9(
^$ (),&,Ù1&,$ (1(5*®7,&$ (;,*( $&&,21$0(1726 (),&,(17(6`
1¶R K² SURJUHVVR QHP EHP HVWDU VHP HQHUJLD $ LGHLD GH |SRXSDU HQHUJLD} SDUDQGR VLPSOHVPHQWH FHUWDV DFWLYLGDGHV SHFD SRU LQJHQXLGDGH H VLPSOLVPR 2 SUREOHPD GD HQHUJLD Q¶R VH UHVROYH FRP XP |DSDJ¶R} 5HJUD JHUDO RV |DSDJÆHV} Q¶R WUD]HP TXDOTXHU HFRQRPLD (FRQRPL]DU Q¶R ¹ DSHQDV |JDVWDU PHQRV} z ¹ |JDVWDU PHQRV ID]HQGR R PHVPR RX PDLV} 3RGHPRV SRUWDQWR GL]HU TXH HP PDW¹ULD GH HQHUJLD DV SDODYUDV |HFRQRPLD} H |HILFL»QFLD} SRGHP VHU XVDGDV FRPR VLQÂQLPRV 1¶R K² SURJUHVVR QHP EHP HVWDU VHP HQHU JLD $ LGHLD GH |SRXSDU HQHUJLD} SDUDQGR VLP SOHVPHQWH FHUWDV DFWLYLGDGHV SHFD SRU LQJH QXLGDGH H VLPSOLVPR 2 SUREOHPD GD HQHUJLD Q¶R VH UHVROYH FRP XP |DSDJ¶R} 5HJUD JHUDO RV |DSDJÆHV} Q¶R WUD]HP TXDOTXHU HFRQRPLD (FRQRPL]DU Q¶R ¹ DSHQDV |JDVWDU PHQRV} z ¹ |JDVWDU PHQRV ID]HQGR R PHVPR RX PDLV} 3RGHPRV SRUWDQWR GL]HU TXH HP PDW¹ULD GH HQHUJLD DV SDODYUDV |HFRQRPLD} H |HILFL»QFLD} SRGHP VHU XVDGDV FRPR VLQÂQLPRV 7RGDV DV UD]ÆHV FRQYHUJHP SDUD MXVWLILFDU D HFRQRPLD GH HQHUJLD H D HILFL»QFLD HQHU J¹WLFD 'HVGH ORJR SRUTXH 3RUWXJDO DLQGD ¹ GHILFLW²ULR HP HQHUJLD 'HSRLV SRUTXH D SUR GX¸¶R DLQGD WHP LPSOLFD¸ÆHV DPELHQWDLV FRQ VLGHU²YHLV TXHU HP PDW¹ULD GH UHFXUVRV TXHU HP PDW¹ULD GH HPLVVÆHV (P WHUFHLUR OXJDU SRUTXH D HQHUJLD ¹ FDUD H SRUTXH R SUH¸R GD HQHUJLD WHP XP HIHLWR GH |RQGD GH FKRTXH} QRV SUH¸RV GH WRGRV RV RXWURV SURGXWRV 2V HFRQRPLVWDV M² H[SOLFDUDP EHP HVWHV HIHLWRV ([LVWH WRGDYLD RXWUR ´QJXOR SDUD YHU D TXHV W¶R HP YH] GH FRPSDUDU D HQHUJLD FRP R SUH ¸R SDUD D REWHU SRGHPRV H GHYHPRV PHGLU D HQHUJLD HP IXQ¸¶R GR TXH ID]HPRV FRP HOD 9HQGR D TXHVW¶R SRU HVWH ´QJXOR D HQHUJLD ¹ FDUD SRUTXH DLQGD D XVDPRV FRPR VH IRV VH EDUDWD $ VROX¸¶R FRQVLVWH HP FRQVHJXLU SURGX]LU PXLWR PDLV FRP R PHVPR FRQVXPR
HQHUJ¹WLFR ( HVWD |VROX¸¶R} V SRGH UHVXOWDU GH PLOKÆHV GH SHTXHQDV |VROX¸ÆHV} 8P HVWXGR HXURSHX UHFHQWH GHPRQVWURX TXH V SRU VL D HQJHQKDULD GH DFFLRQDPHQWRV WHP XP SRWHQFLDO GH HFRQRPLD GH HQHUJLD QD RUGHP GRV ELOLÆHV GH NZ K ,VWR FRUUHVSRQGH D I²EULFDV GH SURGX¸¶R GH HOHFWULFLGDGH GH 0: &RP DFFLRQDPHQWRV PDLV HILFLHQWHV D SRXSDQ¸D SRGH DWLQJLU ELOLÆHV GH HXURV 6XEOLQKDPRV D SDODYUD DFFLRQDPHQWR H Q¶R PRWRU HO¹FWULFR L H QR OLPLWH XP VLVWHPD FRPSRVWR SRU XP PRWRU HO¹FWULFR XP UHGXWRU PHF´QLFR H XPD XQLGDGH HOHFWUÂQLFD GH FRQWUROR HP TXH D HILFL»QFLD UHQGLPHQWR GH FDGD XPD GDV SDUWHV LQIOXHQFLD R UHQGLPHQWR GR WRGR
QRV LPSUHVVLRQDQWHV 6HJXQGR XP H[HPSOR SU²WLFR UHFROKLGR SHOD 6(: D VLPSOHV VXEVWL WXL¸¶R GH XP PRWRU VWDQGDUG SRU XP DFFLR QDPHQWR PHFDWUÂQLFR 029,*($5Ì SHUPLWH HFRQRPL]DU FHUFD GH Z H PDLV GH HX URV SRU DQR )DFLOPHQWH VH LPDJLQD R LPSDFWR SRVLWLYR TXH RV DFFLRQDPHQWRV FRP FODVVH $ GH HILFL»QFLD HQHUJ¹WLFD SRGHP WHU QD HFRQR PLD GDV HPSUHVDV H GR SD½V $ 6(: (852'5,9( IRL D SULPHLUD HPSUHVD D Q½YHO PXQGLDO D LPSOHPHQWDU FRP VXFHVVR D LQGXVWULDOL]D¸¶R GD WHFQRORJLD GH URWRUHV HP FREUH SDUD D SURGX¸¶R GH PRWRUHV GH DOWR UHQGLPHQWR TXH GLVSRQLELOL]D FRP UHGXWRUHV H FRQYHUVRUHV GH IUHTX»QFLD LJXDOPHQWH GH DOWRV UHQGLPHQWRV $ TXHVW¶R HQHUJ¹WLFD Q¶R VH UHVROYH DSHQDV SHOD IRUPD FRPR VH SURGX] DV IRQWHV UHQR Y²YHLV RX Q¶R UHQRY²YHLV R QXFOHDU RX Q¶R HWF 5HVROYH VH WDPE¹P z H WDOYH] VREUHWX GR z SHOD IRUPD FRPR D XWLOL]DPRV $ 6(: (852'5,9( HVW² QD YDQJXDUGD GD TXHOHV TXH VH SUHRFXSDP FRP DV TXHVWÆHV GR DPELHQWH H UHGX¸¶R GR FRQVXPR GH HQHUJLD 3DUD PDLV LQIRUPD¸ÆHV
3RU RXWUDV SDODYUDV ¹ QHFHVV²ULR RSWLPL]DU WRGRV RV FRPSRQHQWHV GH XP DFFLRQDPHQWR Ò HVFDOD LQGLYLGXDO RV QÇPHURV Q¶R V¶R PH
6(: (852'5,9( 32578*$/ 7HO _ )D[ LQIRVHZ#VHZ HXURGULYH SW _ ZZZ VHZ HXURGULYH SW