At the opening ofl International Economic Development Seminar 2024which takes place in Caracas, Venezuelaeconomist Ricardo Patiño highlighted that “international organizations predict that Venezuela will have the highest GDP growth in the region, which will grow between 4 and 5%.”
“Despite the very serious effects that the blockade has had on our economy, Venezuela has achieved a sustained recovery of its economy. And that is no small thing,” said Patiño, who is part of the Institute of Economic and Technological Studies (IEET).
“Being blocked is very serious because it implies not being able to buy something from abroad such as medicines, for example. However, this caused develop national initiatives and develop incentives for local production. “That is important because Venezuela is generating employment and, in addition, we have stopped the inflationary process and achieved fiscal balance and exchange stability,” he added.
Venezuela continues to grow, according to the IMF
According to a report published by the IMF last April, Venezuela heads the list of the fastest growing economies in Latin America for this year, with an increase of 4%. It also expects GDP to rise by 4.2% and private consumption to rise by 2.5%. The report from the international organization highlighted that the relaxation of sanctions by the administration of US President Joe Biden had “a positive and significant impact” on the Venezuelan economy, “increasing oil revenues and encouraging new agreements to expand oil and gas production.”
The first intervention was from the Venezuelan vice president Delcy Rodríguez, who highlighted the importance of the countries that make up the BRICS bloc, made up of Brazil, Russia, India, China and South Africa, in the “economic reconfiguration of the world.”
“Venezuela has the eighth largest iron reserve in the world, the sixth largest diamond reserve in the world, the fourth largest gold reserve in the world, important coal reserves that make Venezuela the legitimate owner of important material, energy, mining and water resource reserves. and biodiversity,” Rodríguez highlighted.
Large companies participated in the event
The opening day, which brought together businessmen and political leaders, marked the beginning of an event where the complexities of economic growth in a multipolar context are addressed. Therefore, the exhibitions are focused on strengthening economic resilience, promoting technological innovations and discussing strategies for equitable and sustainable development.
Representatives of different companies participate in the meeting, such as Petróleos de Venezuela (PDVSA), Bera Motorcycles, Corporación Venezolana de Guayana, Ridery (mobile mobility application), the cosmetics firm Dernier, the Frazzani footwear factory, Wash app (mobile service application), the poultry producer Puro Lomo, the National Association of Supermarkets and Supermarkets (ANSA) and the mobile service application Flety, among others.
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The seminar will continue tomorrow with the presentation of the economist from the Center for Sustainable Development at Columbia University Jeffrey Sachs, who will speak about the “Strategies for Sustainable Development in Emerging Economies: Overcoming the Challenges of Globalization.”
Then it will be the turn of the sociologist Mónica Bruckmann, from the Department of Political Science of the University, and the political scientist Tamara Lajtman, from the Institute of Latin American and Caribbean Studies, who will share the panel “Strategic Vision: Natural Resources and Security Policies ”.
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Economist Fan Gang, from the China Development Institute and Research Institute, will also participate, addressing the “Policies and Economic Reforms for Transformation: Experiences from China.”
To close the meeting, former Ecuadorian president and economist Rafael Correa will speak on “The enigma of development: a Latin American vision.”
Source: Ambito
