"In fact, the Central Bank of Venezuela controlled by Chavismo and devoted to the government's rhetoric reports a seven-point expansion in Gross Domestic Product (GDP) so far this year. The Economic Commission for Latin America (ECLAC) and other regional organizations accept this figure, but the International Monetary Fund (IMF) dismisses it without any qualification: growth is barely above 1% and inflation will approach 270% by the end of 2025."
"With an economy that is now barely 30% of its traditional historical size the fifth-largest in Latin America decades ago, behind Brazil, Mexico, Argentina, and Colombia Venezuela would need to grow at sky-high rates of more than double digits year-on-year with low inflation to recover its former shape in about five to 10 years. Venezuela currently has no access to international bank credit, yet the country managed to grow by 10% in 2022 alone."
Venezuela's Central Bank, aligned with Chavismo, reports a seven-point GDP expansion so far this year. ECLAC and some regional organizations accept that figure. The IMF estimates growth barely above 1% and forecasts inflation around 270% by end-2025. The economy contracted sharply after a decade of collapse and oil production decline, and currently measures about 30% of its historical size. Market-oriented reforms reduced some shortages and supported uneven recovery, including 10% growth in 2022. Social services remain degraded and millions emigrated. The country lacks access to international bank credit. Independent economists privately question official 2025 growth claims.
Read at english.elpais.com
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