Venezuelan President Nicolás Maduro declared on Monday that the country expects to reach an 8% economic growth this year.
This forecast holds regardless of any US sanctions. Maduro’s government has crafted a strategy to foster economic expansion without being swayed by the US sanctions policies.
“In 2023, we target 8% growth, despite sanctions. Our nation advances towards recovery, driven by commitment and strategic planning,” Maduro stated in his weekly TV broadcast.
He pointed out the US has launched “a silent war” on Venezuela, applying over 930 sanctions affecting various economic areas and society at large.
Nevertheless, Maduro confirmed Venezuela’s trajectory towards tangible economic growth and a decrease in inflation.
At present, Venezuela boasts its lowest inflation rate in a decade. Maduro confidently projects a period of growth without inflation from 2025 to 2030.
Background – Venezuela Eyes 8% Growth Despite U.S. Sanctions
Venezuela’s economy has faced significant challenges over the past years, largely due to political instability, declining oil prices, and international sanctions.
These factors have led to economic contraction, hyperinflation, and a humanitarian crisis.
The government’s claim of an 8% growth rate signifies a pivotal moment, aiming to reverse years of economic decline.
Historically, Venezuela’s economy heavily relied on oil exports. The drop in global oil prices severely impacted its revenue, exacerbating economic troubles.
US sanctions further strained Venezuela’s ability to trade on international markets, compounding the economic downturn.