Venezuela is showing signs of economic improvement amidst political uncertainty in an election year. Ecoanalítico, a research firm that analyzes the economy due to the lack of data from the Central Bank of Venezuela, projects a growth rate of 4.2% for the nation in 2024. This positive trend is driven by improvements in trade, services, and sectors like food processing and pharmaceutical production, as well as normalized relations between the Chavista administration and the private sector.
The energy sector has also seen improvement, though hindered by international sanctions. Asdrubal Oliveros, director of Ecoanalítico, credits the Maduro administration for curbing hyperinflation through fiscal and economic adjustments. However, concerns remain about exchange rate stability and potential inflationary impacts.
While some regions are experiencing growth, widespread economic depression and poverty continue to plague the country. Analysts warn that current growth rates are insufficient for Venezuela’s long-term recovery and urge for political change to attract foreign investment and stimulate sustainable growth.
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