Venezuela's Economy Grew 5% In 2023, Will Reach 8% This Year

• Venezuela's economy grew more than 5.0% in 2023 and growth is anticipated to reach 8.0% this year, President Nicolas Maduro said on Monday, January 15, during his annual address to the government-allied legislature.
• Venezuela's economy has suffered a prolonged meltdown marked by triple-digit inflation and a mass exodus of millions of migrants seeking better prospects elsewhere.
• Inflation reached just under 190.0% last year, according to the central bank, marking an easing from 234.0% the year before. That being said, Venezuela’s inflation rate is no longer Latin America's steepest since Argentina's sped past 200%.
• Furthermore, Maduro anticipates that inflation will be only 2 digits in 2024. That said, sanctions relief, which is set to last until April, has increased prices for Venezuelan crude, and analysts expect the income to lead to more social spending, likely pushing up inflation, as the government tries to ensure support in the presidential election, which is slated for this year.

(Source: Reuters)