The International Monetary Fund (IMF) in Washington, DC, on April 5, 2016. Photo: Karen Bleier/AFP/Getty Images/File photo.
The latest report presented by the International Monetary Fund (IMF) contains positive forecasts for the economies of Latin America for the end of this year and 2024, largely thanks to the weight of Brazil and Mexico, the two largest economies in the region.
In the case of Venezuela, the IMF predicts, despite the ongoing illegal economic war waged on the country—euphemistically referred to as “sanctions”—the economy will grown by 4% in 2023 and 4.5% in 2024.
IMF Growth Forecast: 2024
USA🇺🇸: 1.5%
Germany🇩🇪: 0.9%
France🇫🇷: 1.3%
Italy🇮🇹: 0.7%
Spain🇪🇸: 1.7%
Japan🇯🇵: 1.0%
Canada🇨🇦: 1.6%
China🇨🇳: 4.2%
India🇮🇳: 6.3%
Russia🇷🇺: 1.1%
Brazil🇧🇷: 1.5%
Mexico🇲🇽: 2.1%
Morocco🇲🇦: 3.6%
KSA🇸🇦: 4.0%
Nigeria🇳🇬: 3.1%
RSA🇿🇦: 1.8%https://t.co/pzLIvHg5Ln pic.twitter.com/gCpVdsy8g5— IMF (@IMFNews) October 10, 2023
For the IMF, headquartered in Washington, DC, the Venezuelan economy shows slight signs of recovery although the statistics of the economy remain far from the “normal” figures of a healthy country.
According to experts, this growth is due to the increase in oil production, which rose 2.4% in the first quarter, and the awakening of international trade.
Venezuela’s Vehicle Sales Increase in 2023, Still Far Below Pre-Sanctions Levels
Other countries
In the case of Brazil, the IMF estimates growth of 3.1% for this year, one point more than it calculated in July, thanks to its agriculture and the services sector. Furthermore, consumption remains strong thanks to the support of fiscal stimuli in the country.
According to the IMF’s forecasts, the Mexican economy will grow more than expected, 3.2%, or 0.6% above what was calculated in July. This is because the post-pandemic recovery has continued in the construction and services sectors and because of the collateral effects of strong domestic demand.
In the case of Colombia, the IMF expects growth of 1.4% this year and 2% in 2024, while Chile will fall half a point in 2023 and rise 1.6% in 2024, and Peru will grow 1.1% in 2023 and 2.7% the next year. For Argentina, the IMF estimates a drop in GDP of 2.5% this year, although it expects a recovery in 2024, with a growth of 2.8%.
(RedRadioVE) by Milena Bravo
Translation: Orinoco Tribune
OT/JRE/SL
