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News > Venezuela

Maduro: Venezuela Has Highest Economic Growth in Latin America

  • President Nicolas Maduro

    President Nicolas Maduro | Photo: VTV

Published 17 November 2022

Venezuelan President Nicolás Maduro said on Thursday that his country has the highest economic growth in Latin America and the Caribbean, despite the sanctions imposed against it.

"Venezuela today has the largest economic growth in Latin America and the Caribbean as a result of the work, effort and entrepreneurship of all," said Maduro during a speech broadcast on the state-run Venezolana de Televisión channel.

Maduro pointed out that his government resisted the various events that the opposition promoted to remove him from power.

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"They threw us to kill, in 2017 with the guarimbas (violent protests) (...) then they appealed to the attack trying to kill me that August 4, 2018 (...) in 2019, they imposed a parallel government of a faker (in reference to Juan Guaidó), and in 2020 more than 700 sanctions and we resisted and fought," he commented.

On repeated occasions, Maduro said that his country grew with its own effort.

For its part, the International Monetary Fund (IMF) estimated in its October forecasts a 6 percent growth for Venezuela for this year.

Meanwhile, the Economic Commission for Latin America and the Caribbean (ECLAC) increased to 12 percent the growth projection for Venezuela's Gross Domestic Product for 2022.

The Central Bank of Venezuela stated that in the first quarter of the year, the economy grew 17.4 percent.

In addition, the country's main banking entity projected growth of 18.7 percent for the second quarter of 2022.

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