September 25, 2022

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Maduro celebrates Venezuela’s exit from high inflation cycle | International

Venezuelan President Nicolas Maduro It celebrated the country’s exit from high inflation four years later, and forecasts economic growth of 4% in 2021.

(Venezuela’s way out of high inflation after 3 years).

In his charge sheet in parliament, which lasted more than three hours this Saturday, Maduro filed “2022 is the year it appeared”, In the midst of the greatest economic crisis in its modern history, with at least a seven-year recession.

According to the Central Bank (BCV), inflation in 2018 was 686%. With less than 50% monthly records, the traditional limit established by a country to deal with high inflation.

“With the burdens of high inflation and the power, with a lot of discipline, hard work, effort, great ingenuity, courage and prudence, it gives us hope that by 2022 we will be on the path to flattening the highs and lows. Inflation.”Maduro said.

The President also promised that 2021 would be the first year for the country’s recovery and “growth”. Seven years until 2020 added to the recession. BCV has not released GDP data since the first quarter of 2019, but the International Monetary Fund (IMF) estimates it will close at 2020-20%.

(According to Maduro, Venezuela has dropped ‘high inflation’.)

The company noted that 2021 ended at -5% and will end in red (-3%) this year as well. “Annual growth is expected in 2021, with experts claiming more than 4% of their research”, The president, who spoke of 7% growth in the “real economy” in the third quarter, confirmed without giving details of the indicator.

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Ecoanalitica Consultancy estimates that Venezuela’s economy will decline by 80% between 2013 and 2020 – forecasting 3% economic growth for 2021.

“Important Milestone”

Maduro spoke of “growth” after calling it the “economic war” he has been condemning since 2015 against his government. And the US “siege” is pushing Washington’s sanctions policy toward its fall, including the oil embargo.

“We are going to expand entrepreneurial growth” Under control.

Maduro reiterated that Venezuela will achieve in 2021 “An important milestone in achieving production of one million barrels (of oil) per day” (bd) and noted that this year’s target is 2 million, which is still lower than the 3.2 achieved by the industry 10 years ago.

A year ago, the president promised to bring the production of former oil power, which was less than 400,000 ppm in July 2020, to 1.5 million ppm at the levels of the 1930s and 1940s.

Maduro defends “diversified economy” that does not depend on hydrocarbons According to experts, the bet was made on raising the state-owned Petroleum de Venezuela (PDVSA), which has been plagued by corruption, irregularities, lack of maintenance and US sanctions.

As a result of economic growth, Venezuela has reduced its general poverty by 1 point to 17.7% in 2021 from 18.4% the previous year.

He promised that poverty would be 4.1% and that it would be eradicated by 2025.

According to the IMF, Venezuela’s GDP is $ 1,541 less than Haiti’s.

Maduro’s poverty data contradicts data from a valuable study by Andres Bello Catholic University (UCAB), which found that poverty was high at 94.5% and extreme poverty at 76.6%.

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AFP