Venezuela Claims 9% Economic Growth In 2024 Amid Skepticism
(MENAFN- The Rio Times) Venezuela's Economy grew by over 9% in 2024, according to President Nicolas Maduro. This surprising figure contrasts sharply with the country's recent economic struggles. However, the story behind this growth reveals a complex economic landscape.
The reported growth stems from both the real economy and the hydrocarbons sector. Oil production , a crucial economic driver, reached 960,000 barrels per day in November 2024, up from 800,000 at the end of 2023. This increase in oil output has played a significant role in the economic rebound.
Yet, independent estimates paint a different picture. The Venezuelan Finance Observatory OVF reported a more modest 5.9% growth in the third quarter of 2024. Other analysts project annual growth between 4% and 5%, while the International Monetary Fund forecasts a conservative 3%.
The discrepancy between government figures and independent estimates raises questions about data transparency. This uncertainty complicates efforts to assess the true state of Venezuela's economy.
Despite the reported growth, significant challenges persist. The minimum wage remains extremely low at about $3.5 per month, though government bonuses can increase this to between $40 and $90 for some workers. This disparity highlights the uneven nature of the economic recovery.
Venezuela Claims 9% Economic Growth in 2024 Amid Skepticism
The country's economic future hinges on several factors. Political developments will likely impact international relations and sanctions. The sustainability of growth in the oil sector also remains uncertain.
Venezuela's economy still has a long way to go to recover from its prolonged crisis. The government's ability to address structural economic issues and improve living standards will be crucial in the coming years. This growth trend, if sustained, could potentially lead to lasting economic stability.
MENAFN02012025007421016031ID1109047990
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.