Maduro touts Venezuela’s economic recovery

Maduro touts Venezuela’s economic recovery

Venezuelan President Nicolás Maduro insisted Tuesday that his country is continuing its economic recovery despite sanctions and other obstacles. He spoke of a “war economy” that has led Venezuela to diversify its activities and achieve 100% national production

In a message on X, Maduro also highlighted his country’s efforts in terms of national sovereignty, emphasizing the multiple work fronts that have allowed for harmonious progress. In November, he reported that the Venezuelan economy had experienced nine consecutive quarters of growth, with the expectation that this trend would continue until the end of the year.

Maduro also praised the role of the 18 engines of the Bolivarian Economic Agenda and the commitment of all sectors of the country in this process.

In the third quarter of 2023, Venezuela achieved the lowest inflation rate since 2014, Maduro also noted, while oil production grew by 12.99% in areas such as oil extraction, crude oil, and natural gas.

The Venezuelan government plans to implement a special plan for 2024-2026 to financially support the economy. Maduro has repeatedly denounced that the sanctions against Venezuela have resulted in losses that reach 99% of foreign currency earnings.

Therefore, Maduro argued, UN President Joseph Biden must permanently lift all sanctions imposed on the South American country. This measure would mark the beginning of a new stage in relations between the two nations, Maduro added.