Venezuela’s Economy Sees Notable Growth, According to CEPAL
The Economic Commission for Latin America and the Caribbean (CEPAL) has reported that Venezuela’s economy showed the strongest growth in the region last year, with a 9% increase, according to UN statistics. The Venezuelan government, citing the data, hailed the figure as a “remarkable economic recovery” and proof of the country’s “resilience against economic sanctions.”
In an interview, President Nicolás Maduro attributed the positive trend to a strategic plan for domestic production, which has allowed the country to prioritize food production and supply the national market at 100%. He noted that 85% of the available products come from local production.
Maduro emphasized that the country’s sustainable growth over the past 15 quarters is a testament to its own capabilities and that Venezuela is no longer dependent on foreign aid. He highlighted the success of the plan, which has enabled the country to recover from the impact of US sanctions, which had reduced the country’s income from $56 billion in 2019 to nearly $700 million.
The Venezuelan leader also mentioned the country’s efforts to combat hyperinflation, which had reached 344,000% in 2019 and stated that the government has managed to stop the decline of the country’s gross domestic product (GDP).