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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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