According to estimates for the second half of the year, Venezuela will achieve a Gross Domestic Product (GDP) growth of more than 10 percent, thanks to the 18 motors of the Bolivarian Economic Agenda and the work of the real economy that produces goods, services and meets the needs of the domestic market, reported the president of the Bolivarian Republic of Venezuela, Nicolás Maduro Moros:
“We have a fairly robust economy process, the estimated growth in the first half of 2024 is highly superior to 8 percent, and the estimates for the second half say that we will exceed 10 percent in GDP growth,” said the head of state, during the Digital Zone section of his “Con Maduro+” program in its 58th edition.
Maduro explained that this growth is not only in the oil economy, but fundamentally in the non-oil economy, in contrast to what happened in the fourth republic:
“Everything was imports, but the real economy that produced goods, services, the non-oil economy, was simply stuck, forgotten. Thanks to Commander Chavez, he outlined the growth model that we have now. We went through several deserts, bombed those deserts, (while being) attacked, threatened, sanctioned, and we saw the light,” he summarized about the last few years.
Regarding the Venezuelan pharmaceutical industry, which is one of the prioritized motors in Venezuela, he celebrated that it had achieved an installation of advanced technology between 2006 and 2014, thanks to the investment made in those years. However, the arrival of the blockade and the economic war hit the pharmaceutical industry hard:
“We have guaranteed the medicines. (The) great news is that the Venezuelan pharmaceutical industry supplies 70 percent of the medicines on the local market, complemented by 30 percent of imports.” He commented that Venezuela went from a catastrophic situation due to sanctions to a full supply and maximum quality for access to medicines.
He also referred to bank credit, and confirmed that Venezuelans are in advanced improvement and the capacities to democratize credit are expanding every day more in the matter of financing. “They get out of sight”, he said about the near future.
“We could say that in the credit system, the first good news of an expansion of the credit capacity to strengthen national growth,” he added.
The Head of State recognized and praised the commitment of public and private banks to work and fight against the economic blockade, to provide financial support to the people and their ventures:
“What is happening in Venezuela is a process of growth of the real economy, the 18 engines and with the industry (…) that must continue to be strengthened as it has been in 2024,” said President Maduro.
