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Venezuela’s economy on the rise

By E.C.V. & ASOCIADOS - 27/07/2022

Venezuela’s economy is forecast to expand at its fastest pace in 15 years, marking a rebound for a country that recently emerged from the deepest recession in Latin America.

According to a Bloomberg survey of five economists, gross domestic product is expected to grow 8.3% this year, from 1.9% in 2021.

“The country is getting a lift from a rise in oil production and seeing tax revenue and banking credit expand, which suggests domestic demand is rising,” Bloomberg stated.

At the same time, Venezuela has recently approved a Special Economic Zones law, which will allow the government to offer tax, financial and legal incentives to attract national and international investment in selected regions of the country.

The organic law creates “special conditions for economic trust. The first five special economic areas will be Paraguana peninsula in Falcon state; Puerto Cabello-Moron in Carabobo; coastal La Guaira near Caracas; Margarita Island in Nueva Esparta state; and La Tortuga Island. 

By E.C.V. & ASOCIADOS - 27/07/2022
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E.C.V. & ASOCIADOS

E.C.V. & ASOCIADOS is an organization born in 1996 guided by the mission of providing a comprehensive advice service in the area of Intellectual Property. We have the sole purpose of collaborating with our clients, making us fully responsible for the management of the very delicate activities and intangible assets of the IP area, those that usually absorb an important amount of energy and time for companies.
 
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