2023-08-04 14:25:41
The president of Venezuela, Nicolás Maduro, denied this Thursday that the country has again fallen into economic recession and projected growth of more than 5 percent by the end of 2023, dismissing private projections.
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“They say that Venezuela has entered a recession again and they base it on false data,” Maduro said in a broadcast on the state channel after accusing the US State Department of using the media and entities to create “false news” about economic growth. from Venezuela.
“This year a minimum, minimum, according to ECLAC, is projected 5.5 percent -growth- minimum. According to the International Monetary Fund, at least 5 percent and I am sure that with what I am seeing, what we are seeing (…) I am sure that economic growth will exceed those projections,” he continued.
As estimated on July 26 by the Venezuelan Finance Observatory (OVF), a benchmark entity in the absence of official figures, the Venezuelan economy contracted 7 percent during the first half of the year compared to the same period in 2022.
(Read also: The keys to understanding the new recession in Venezuela and how this affects Colombia)
The country experienced growth in 2022 after chaining eight years of recession, in which its Gross Domestic Product (GDP) plummeted 80 percent due to the collapse of its vital oil industry.
The rebound was driven by the easing of tight economic controls, which led to informal dollarization in the face of the weakness of the local currency, the bolivar, and reduced inflation although it remained one of the highest in the world.
However, at the end of last year the Venezuelan economy began to experience a process of slowdown that, analysts say, is related to the destabilization of the exchange rate and the lack of liquidity and cash flow of the government that coincided with a corruption scandal. within the main state company, Petróleos de Venezuela (PDVSA).
AFP
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