Maduro insists on an “economic miracle” for the recovery of 5% of GDP

Maduro insists on an “economic miracle” for the recovery of 5% of GDP

Even if it is taken into account only from 2020, this 5% pales compared to a drop of around 30%, caused by the partial paralysis of industry and commercial activity in the months that the quarantine extended, but the negative numbers were omitted by Maduro


On one of the so-called “economy Wednesdays”, President Nicolás Maduro once again celebrated the supposed “economic miracle” achieved by Venezuela in the face of some projections by international organizations that foresee a slight rebound in the country’s Gross Domestic Product (GDP).

The data on which Maduro is based to celebrate come from the Economic Commission for Latin America and the Caribbean (ECLAC)which published hours ago projections of 5% GDP growth for the end of 2022.

He also speculated about the 20% growth estimated by the Swiss investment bank Credit Suisse, based on a scenario in which the war in Ukraine would raise energy prices and the state-owned Petróleos de Venezuela (PDVSA) would increase production.

“The forecasts for the growth of the economy in 2022 are being announced. Internationally, they are talking about the economic miracle of Venezuela. There are those who say that the country is going to grow 5%, I would be happy; but there are those who say that we could grow up to 20%, “said the Chavista leader.

Maduro’s speech was loaded with a concept of overcoming the crisis caused, according to the Chavista narrative, by the “economic war” and the sanctions imposed by the United States. However, the 5% projected by ECLAC is far from being significant compared to the massive drop in GDP in the last decade, since a contraction of 80% has been calculated since 2013.

Even if taken into account only from 2020, this 5% pales in comparison to a drop of around 30%, caused by the partial paralysis of industry and commercial activity in the months that the quarantine was extended.

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The head of the United Socialist Party of Venezuela (PSUV) even referred to the popular phrase “Venezuela was fixed.” Although he clarified that in his opinion he has not yet reached this point, he maintains that he is on track and urged Venezuelans abroad to stop “having a rash” in another country to return to a Venezuela in better conditions.

«I saw a video of a boy who is in Lima. Stop having a rash, come to Venezuela. The country has not fixed itself, it is improving and will continue to improve, but much remains to be done. We still need to grow to recover the welfare state that was damaged by the economic war », he argued.

In this sense, he referred to wages, since he stated his intention to “fully recover it.” Despite this comment, he did not refer to the tripartite dialogue that is held under the supervision of a commission of the International Labor Organization (ILO), in which salary tables must be agreed between employers, unions and the State.

During the last decade, tripartism has not existed in the country and Chavismo has unilaterally decided the salaries that govern the public administration and condition the private sector. With increases at close range and irresponsible economic policies, they gave rise to the hyperinflation suffered by the country between 2017 and 2021.

Salaries were destroyed along with the quality of life of Venezuelans and the reiterative promise has been its recovery, but in the last five years, it is still in debt.

*Also read: Venezuelan Medical Federation will demand salaries of $1,500 this May 1


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