Bloomberg: Venezuela Leads the Economic Growth in Latin America
Oil refinery in Venezuela. Photo: X/ @JorgeGestoso
January 4, 2025 Hour: 6:42 pm
The economics expert Bloomberg said that the Venezuelan economy, along with Guyana and Belize, led economic growth in 2024 in South America and Central America.
RELATED:
President Maduro Highlights Economic Growth in Venezuela and Plans for 2025
Based on data provided by the UN-affiliated Economic Commission for Latin America and the Caribbean (ECLAC), Bloomberg reported that Venezuela’s GDP grew 6.2 percent during the year just ended.
This fact leaves several economies of the continent, such as those of Brazil and Mexico, behind. Brazil is expected to grow by 3.2% this year and 2.3% in 2025, while Mexico would grow by 1.4% and 1.2%; Chile by 2.3% and 2.2%; Colombia by 1.8% and 2.6%; and Peru by 3.1% and 2.7%, respectively, as the Argentina’s, leads by the far-righter Javier Milei expects a contraction of 3.2%.
According to Bloomberg, Daniel Titelman, director of the Economic Development division at ECLAC, said that the projected growth for Venezuela is based mainly on a 16% increase in oil production.
By 2025, state-owned oil companies are expected to resume operations and improve their refining capabilities. Signs of recovery have been observed in the oil fields following the relaxation of sanctions by the US, although president-elect Donald Trump has threatened possible sanctions if Venezuela does not accept deported migrants.
There have also been improvements in sectors such as services and manufacturing, as well as an increase in remittances, and the OVF’s economic projection maintains a 4% growth by the end of the year.
Titelman said that the main condition for Venezuela to meet its growth projections is the sustainability of the lifting of US sanctions on the oil industry.
Autor: ACJ
Fuente: Bloomberg Linea // La Iguana TV