The president of the National Council of Commerce and Services (Consecomercio), Gustavo Valeillos, indicated that the organization predicts 40 % inflation in Venezuela by the end of this year.

Valecillos stressed “the commitment of the business sector” in terms of its contribution in terms of “public policies that stimulate productivity to ensure that Venezuelans can cover their needs.”

According to Consecomercio estimates, the country could close 2024 with 60% inflation, unlike last year when hyperinflation was experienced and the closing was at 190 %.

For his part, José Gregorio Rodríguez, regional coordinator of Consecomercio, stated: “It is our responsibility to contribute to proposing public policies that stimulate productivity with the objective of ensuring that Venezuelans have a welfare state that allows them to cover their needs.”

The first vice president of Fedecámaras, Felipe Capozzolo, referred to the importance of cooperation between the public and private sectors and added that in order to strengthen the presence of more products, more companies and more entrepreneurs in the market, in addition to the need to “control the exchange rate differential in order to increase productivity.”

M.Pino

Source: talcualdigital

(Reference image source: Getty Images for Unsplash+)

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La entrada Consecomercio predicts closing the year with 40 % inflation apareció primero en Bitfinance.

The president of the National Council of Commerce and Services (Consecomercio), Gustavo Valecillos, Venezuela will close this year with a growth of the sector between 2.5 % and 3 %.

Valecillos trusts in the ongoing efforts to reduce the exchange rate gap between the BCV dollar and the parallel market dollar, as a way to face its effects on the economy.

He emphasized Consecomercio’s effort to comply with the legal exchange rate of the BCV, “so that we cannot compete against an informal merchant, who does not pay any type of tax, neither national nor regional.”

Valecillos believes that the current inflationary process is a consequence of the gap between the official dollar and the parallel dollar, which boost the modification of the prices of goods and services.

He referred to the dynamics of the economy in the last quarter of the year, when public spending increases, there are more bolivars on the street and therefore the demand for foreign currency increases.

“We are prepared, and we have warned that the inventories were paid in foreign currency and if they want to replenish those inventories they must be collected in foreign currency, this has been difficult, but they maintain their dynamics and the expectations that the months of November and December will be the ones with the greatest operations for some seasonal sectors such as toys, clothing, footwear,” he explained.

In this sense, efforts are aimed at closing the year with a growth of 2.5 % or 3 %. Valecillos indicated that “the general economy, based on the studies they have received, should grow a little more, approximately 5, 6 or 7 %.”

M.Pino

Source: elimpulso

(Reference image source: Dennis Siqueira in Unsplash)

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La entrada Consecomercio expects to close the year with growth between 2.5 % and 3 % apareció primero en Bitfinance.