Venezuelan Economy To Grow by 10 Percent in 2024: President Maduro

President Nicolas Maduro (C) surrounded by young Venezuelans, Sept. 2, 2024. Photo: t.me/NicolasMaduroMoros

September 3, 2024 Hour: 11:42 am

Transnational forces and the U.S.-backed far-right opposition want to make life impossible for Venezuela, he warned.

On Monday, Venezuelan President Nicolas Maduro said that his country’s Gross Domestic Product (GDP) could grow at a rate exceeding 10 percent by the end of 2024.

The economic authorities’ estimate is based on the fact that Venezuela’s GDP grew by 8.78 percent in the last quarter.

“Economically, we are going to surpass the growth expectations that had been estimated,” Maduro said, commenting that the Venezuelan banking sector showed a growth of 21 percent in the Q1 2024.

The Bolivarian leader also indicated that his administration plans to provide 300,000 loans for entrepreneurs. This would bring the total number of new businesses to 1.3 million so far.

🇻🇪 Venezuela's MADURO: "When you study the elites that govern the US & Europe, you get a British type. The British Empire was the most criminal empire in the last 1,000 years… They see the 'threat' of the emergence of a new world, and they are simply preparing to die killing." pic.twitter.com/fXDGkzZsan
— COMBATE |🇵🇷 (@upholdreality) September 3, 2024

Another sign of Venezuela’s ongoing economic recovery is the increase in tax revenue. During the TV program “With Maduro +,” the Bolivarian leader confirmed this.

The month of August ended with a tax revenue increase reaching US$451 million, representing a 209 percent increase compared to the revenue collected in August 2023. This figure also means a 147 percent growth compared to all revenue collected during the first eight months of that year.

Nevertheless, Maduro also warned that transnational forces and the U.S.-backed far-right opposition “want to make life impossible for Venezuela,” as they are acting to prevent the country from advancing in the construction of the Bolivarian and revolutionary political model.