According to forecasts from the United Nations Development Programme (UNDP) office in Venezuela, the South American country’s economy could grow by 5.8 %. Of that total, the oil sector is expected to grow by 13 % and non-oil activity by 3.4 %.

UNDP experts estimate that “the nation’s economy is showing signs of growth, mainly thanks to the momentum of the oil sector and the good performance of several other sectors.”

However, they warn that policies are needed to help stabilize prices and concretely improve the quality of life, beyond the positive signs following the change in US oil policy.

One of the most significant obstacles that, according to the organization, must be taken into account is inflation, which is expected to reach 275 % by 2025, coupled with “the loss of currency value and the decline in household purchasing power.”

M.Pino

Source: bancaynegocios

(Reference image source: Nils Huenerfuerst on Unsplash)

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