Venezuela’s Largest Business Association (Fedecámaras) Forecasts Economic Growth

The president of Fedecámaras, the biggest and most conservative business association in Venezuela, Carlos Fernández, foresees economic growth in Venezuela, and said that gross domestic product (GDP) in the private sector should end the year with an increase of between one and two percent in comparison with 2020.

“We are comparing year by year and, in that sense, we think that, at the end of this year, the private economy of the country, the GDP that the private sector contributes, is going to end with a recovery that could end somewhere between one and two percent compared to last year,” the executive said.

RELATED CONTENT: Venezuela Heading Towards End of Hyperinflation – October Inflation Lowest since April 2015

Similarly, he considered that these last two months of flexibilization [Venezuela’s economic re-opening] could provide an opportunity to demonstrate that respect for biosafety measures can go hand in hand with the opening of the economy, and that this flexibilization phase could be extended beyond November and December.

The representative of Fedecámaras added that, regardless of the results of the two months of flexibility, the vaccination plan against COVID-19 must be maintained.

“We think that Venezuela has a much better future than the present that we are living today, and that goes beyond continuing to insist on the causes that brought us to this situation,” he said.

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The Central Bank of Venezuela (BCV) recently reported that during September the country registered its lowest monthly inflation since 2015, and anticipates that by December Venezuela will be free from hyperinflation.

BCV figures also reflected significantly lowered inflation levels during the months of June, July, and August.

The forecast that hyperinflation will end was also made by the Center for the Diffusion of Economic Knowledge, which stated that due to the circumstances in which the country finds itself, economic growth will be seen in 2022, and hyperinflation will decrease by the end of this year.

 

Featured image: Entrance to the headquarters of Fedecámaras in Caracas. File photo.

(RedRadioVE) by Ana Perdigón, with Orinoco Tribune content

Translation: Orinoco Tribune

OT/JRE/SL

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Ana Perdigón
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