It is extremely gratifying for me to write these lines that draw in real terms the evident economic recovery that my country Venezuela is experiencing, the truth is that, since the last quarter of 2021 the data exposed by Bloomberg began to reveal that Venezuela had left the hyperinflationary scenario.
This extraordinary scenario at the end of 2021 was extended to the first quarter of this year, when it was verified that the Venezuelan government managed to reduce inflation above 3,000% to values below 50%, an element that can be seen in a constant recovery of the purchasing power of Venezuelan workers.
According to data shared by Bloomberg, Venezuela's GDP is poised to grow by 20% this year, as increases in oil production drive a dramatic rebound for an economy that collapsed just 2 years ago.
Additionally, Bloomberg revised its forecast for 2022 economic output from the previous 4.5%, and predicted that gross domestic product will expand an additional 8% in 2023, up from its previous estimate of 3%, on this, many economists believe that growth will be above 20% which would mark the highest economic growth in the region and much of the European and Asian countries.
It is worth mentioning that in the face of this very encouraging and positive news, paradoxically in Venezuela the dollar did not serve to save value, while Bitcoin and cryptocurrencies did, this indicates that Venezuela is a good example of what cryptocurrencies represent for the financial recovery of any state that is subjected to strict and unjust economic sanctions.
Given this scenario of economic recovery estimated for 2020 of over 20%, a point in favor is that in Venezuela the use of electronic cards that allow payment with cryptocurrencies is already being announced, this reality envisions a favorable horizon for the economic and financial health of Venezuela.
SOURCES CONSULTED
TheTimesOfIndia Venezuela growth could hit 20% this year, Credit Suisse says: 'Not typos!'. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Coindesk
Greetings dear friend @lupafilotaxia, this news is very positive for Venezuela since this small but significant advance in the economic field means an improvement in the quality of life of Venezuelans.
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Hello @carlir
That's right, this evident recovery means an improvement in the quality of life of Venezuelans.
Best regards, be well.
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Hello dear friend @lupafilotaxia is a very encouraging publication for those of us who are still in the country, for some scenarios that sena have established worldwide, such as the Russia-Ukraine war the oil market has risen, something that certainly favors Venezuela for being one of the world's oil powers with the largest reserve.
I believe that strategies should be established to strengthen productive diversification, starting with the agricultural sector to achieve a better balance.
See you later brother, have a great week.
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Hi @amestyj
I believe that Venezuela's recovery is not related to the war between Russia and Ukraine, to say that would be to ignore that the country began to stabilize and get out of hyperinflation since the months of October, November and December 2021 where the war had not yet started. From my perspective, the recovery of the country is related to a successful economic and financial policy of the Venezuelan government.
Best regards, be well.
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Thank you for your publication, and more for your hopeful opinion of the economic recovery.
Gracias por tu opinión
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Hello @gustavomory2
Oh no, beyond being a hopeful publication as you mention, it is part of the reality that is lived in Venezuela with an evident purchasing power in the streets with a national production that supplies the largest percentage of the country's internal demand.
Best regards, be well.
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Certainly, the outlook looks encouraging for those of us who still remain in the country. Perhaps this will provoke the return of some who left because they did not know what the correct response was to so many adversities that arise today.
I agree that nobody wants to leave the country, but sometimes the situations are very complicated and there are no other ways to take refuge. God willing, all will be well within a few years and we will regain some of what has been lost.
#affable #venezuela
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Hello @leonelb
Good point, many of the Venezuelans who emigrated will evaluate returning to the country.
Best regards, be well.
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Very interesting to see how cryptocurrencies are playing vital role in development of your country and adding value to countries income i'm glad for the recent improvement Venezuela are experiencing i hope things continue to work out perfect for your country.
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Hi @mccoy02
That's right cryptocurrencies have played a very important role for Venezuela's economic and financial recovery.
Best regards, be well.
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Hi @lupafilotaxia the surreal hyperinflationary process caused the Bolivar Soberano (VES), which is the official currency of the country, to lose its value drastically, as a result, the population began to disbelieve in the money issued by the central bank and to look for more stable currencies, let's hope we continue this way to get out of this economic situation, good publication.
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Hello @aplausos
I think all to tip we will get out of this sad and unfortunate situation.
Best regards, be well.
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I still don't believe it, but inflation is still 50%???...that's still high right.
I don't think its the sanctions that had venezula's hyperinflation, it was that president I think.
How is that Petro doing, the coin that's backed by oil.
How this economy recovery hapened?
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Hello @mintymile
It's been a long time since I read one of your comments.
Certainly the inflation marked at 50% is still very high, but compared to 3,000% the difference is very noticeable and that is felt in a better quality of life in Venezuela.
From my perspective the economic sanctions are exclusively responsible for the hyperinflation, the Venezuelan president and his team of professionals in economics and finance with the help of international advisors have managed to create strategies that have been working in favor of the economic and productive reactivation of the country.
The economic recovery in Venezuela is the result of national production. And this was possible thanks to the economic sanctions that prohibited the entry of raw materials and products from other countries to Venezuela.
The economic recovery is 100% thanks to the successful management of the Venezuelan government.
Best regards, be well.
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