Venezuelan President Nicolás Maduro speaks at an official event in Corporación Venezolana de Guayana Cabelum, Ciudad Bolívar, Bolívar state, May 24, 2024. Photo: Correo del Orinoco.
Venezuelan President Nicolás Maduro reported that the Venezuelan economy grew by 7% in the first quarter of 2024 compared to the same period in 2023. Moreover, the country has experienced 11 quarters of continuous economic growth.
During an official event held at the headquarters of the state-owned aluminium company, Corporación Venezolana de Guayana (CVG) Cabelum in Ciudad Bolívar, Bolívar state, on Friday, May 24, President Maduro stated that in the first four months of 2024, Venezuela registered the lowest inflation in the last 12 years, “and we are going to improve, to absolutely control the inflationary issue with economic growth and exchange rate stability.”
He added that the economic growth forecast for 2024 is higher, so “I believe that this year, we are going to break a record of economic growth with more than 8%, as well as a growth of the gross domestic product.”
President Maduro also condemned the illegal unilateral coercive measures imposed by the United States and applauded by the oligarchy, which cost the Venezuelan GDP $642 billion from 2015 to 2021.
“With those resources, how many houses could we have built in addition to the ones we have already built?” President Maduro asked. “How many schools, high schools, how many universities? Despite that economic damage, we have recovered this country with good policies, good practices, and with a lot of economic strategy that has resulted in recovery, improvement, and continuous growth.”
He also announced that tax collection increased by 78% during the first four months of 2024, compared to the same period of 2023.
“We are on the right track,” he said. “The tax that is collected is invested in the 1×10 Good Government program, in the Great Mission Venezuela Woman, the Great Mission Venezuela Youth, the Great Hugo Chávez Equality Mission, the Great Mission Grandfathers and Grandmothers of the Homeland, in repairing schools and high schools, and investing in the economy.”
Similarly, in the banking system, credit has grown 81% between April 2023 and April 2024, while deposits—measured in their equivalent in USD—rose by 58% during the same period.
Regarding the exchange system, President Maduro stated that “in the last seven months, the price of the dollar has been the most stable since 2012.”
The president also reported that from April 2023 to April 2024, non-traditional exports have experienced a continuous growth of 11%.
He also stated that CVG Cabelum has signed various agreements aimed at increasing production, which will allow it to reach 90% of its capacity from the current 55%.
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Moreover, Venezuela is currently recording the highest supply indexes of the last 30 years, with quality products made in Venezuela.
Regarding the Local Supply and Production Committees (CLAP), President Maduro stated that they now supply 100% nationally manufactured products to 7.2 million families every month.
The Agricultural Stock Exchange, which started operating in 2022, currently has $281 million “moving through its system and being converted into productive investment.”
President Maduro emphasized that Venezuela is moving towards a new diversified economic model “with 18 engines of the economy that are growing harmoniously and satisfying the needs of the people, generating the necessary wealth to invest in the recovery of social rights through the Great Missions of the new generation.”
“Amid the criminal blockade, we are growing in a miraculous way with diversification of production,” he stated.
He also highlighted the need to build “a new model of efficient management by workers’ socialism.” In this regard, he stressed the leading role of the Workers’ Productive Councils in promoting the nation’s economic development.
“We have to consolidate the path of recovery and economic growth,” he said.
(Últimas Noticias) by Carlos Eduardo Sánchez
Translation: Orinoco Tribune
OT/SC/SF
