2022 Forecast for Venezuela's Economy

The growth in the Venezuelan economy is confirmed by studies that are constantly carried out by various multilateral organizations. Positive forecasts coincide when experts analyze Venezuela’s performance for the year 2022 .

As can be seen in various publications in the media and on social networks, everything points to the continued growth of the productive economic apparatus in the months to come. While the figures differ in some cases, they agree on the conclusion that economic indicators are positive, following the nation’s exit from hyperinflation.

GDP growth estimates vary from 1.5%—according to the International Monetary Fund’s (IMF) pessimistic forecast, to upwards of 20%, as stated by Credit Suisse, the Swiss financial firm that encompasses sectors such as private banking, investments, and asset management.

🇻🇪 • Diversos organismos e instituciones internacionales coinciden en sus pronósticos de crecimiento para la economía venezolana en este 2022 pic.twitter.com/iBL05Ljbvk
— CELAG DATA (@CELAGeopolitica) May 2, 2022

According to the indicators of the Economic Commission for Latin America and the Caribbean (ECLAC), the economic growth of Venezuela is projected to reach 5% for this year. This figure stands out particularly in the context of the impact of the Ukraine conflict on the global economy.

Venezuelan economy performs better
ECLAC states that the Bolivarian Republic of Venezuela is performing better than that of Colombia, for example, where growth is projected at 4.8%, and Uruguay, where a 3.9% growth is forecast. The South American countries with the lowest growth rates are estimated to be Brazil, with 0.4%, and Paraguay with 0.7%.

ECLAC projects that regionally, Venezuela will only be surpassed by the Dominican Republic, with a growth rate of 5.3%, and Panama, of up to 6.3%.

The Venezuelan Central Bank (BCV) reported that the country successfully emerged from hyperinflation at the beginning of 2022, after five years of fighting against the financial persecution of the economic blockade imposed by the United States government and the European Union.

“We have managed to activate the real economic forces of Venezuelan society, overcoming circumstances and activating the 17 engines of the alternative Bolivarian economic agenda,” Venezuela’s president announced in January.

Featured image: Three women in a supermarket alley in Venezuela doing groceries. File photo: EFE.

(RedRadioVE) by José Manuel Blanco Díaz, with Orinoco Tribune content

Translation: Orinoco Tribune

OT/JRE/SL/EF