Venezuela’s Economic Comeback: A 9% Growth Forecast for 2024

Venezuela's economy is poised for a significant rebound in 2024, with President Nicolas Maduro predicting over 9% growth. Despite past challenges, including high inflation and mass emigration, policy changes like informal dollarization have sparked partial recovery. Analysts remain skeptical about the sustainability of this growth.

Venezuela's economic landscape shows signs of rejuvenation, as President Nicolas Maduro projects over 9% growth for 2024. This optimistic forecast comes from an interview with Mexican outlet La Jornada published on Wednesday.

"In 2023, we had 5.5% growth. In 2024, with the current scientific, statistical, and technical data, we expect to surpass 9% growth in GDP," Maduro detailed to Spanish journalist Ignacio Ramonet. He highlighted progress in the real economy and the hydrocarbons sector, despite Venezuela's history of economic turmoil, hyperinflation, and massive emigration.

Since 2019, loosened government controls and an informal shift to dollarization have buoyed vital sectors. However, experts argue these measures fall short of ensuring a comprehensive economic revival. Maduro's interview will be broadcasted on Venezuelan state TV on Wednesday evening.

(With inputs from agencies.)