Venezuelan President Nicolás Maduro asserted that his country is moving towards growth and diversification of its economy, which aims to become a productive nation.
“Our efforts are aimed at economic growth and diversification. All for a productive and prosperous country that meets the needs of families. Nobody stops Venezuela!” Maduro said through his Twitter account.
Also read: Check out our coverage of Venezuela
In August, Maduro assured that his country produces 80% of the food it consumes, when before it imported 90%.
In the first quarter of the year, the growth of the economy was 17.4%, according to the Central Bank of Venezuela (BCV). Also, the main banking entity in the country predicted an increase of 18.7% for the second quarter of 2022.
International organizations’ estimates of Venezuela’s economic growth for this year range from five to 20%. 2021 was the first year of economic growth since the so-called war of “North American imperialism” began, according to Maduro.
However, after four years, Venezuela managed to exit hyperinflation in 2021; this, after spending 12 months with inflation below 50%, according to BCV.
More than 900 austerity measures weigh on Venezuela, which led to a 99% drop in its revenue, as reported by the government.
With information from Sputnik
