Ramón Lobo: first half of 2024 shows economic recovery

The control over inflation levels and the balance achieved in exchange matters in the country so far in 2024 demonstrate the effectiveness of the National Executive’s strategy to advance towards economic recovery.

This is expressed by the economist and deputy to the National Assembly, for the United Socialist Party of Venezuela (PSUV), Ramón Lobo Moreno, in a publication made on his Instagram account, @ramonlobomoreno.

In this sense, it points out that “the monthly inflation of 1% published by the Central Bank of Venezuela (BCV) corresponding to the month of June 2024 represents the lowest in recent years. Additionally, the accumulated for the first half of this year reached 8,6% once morest 109,9% in 2023. Meanwhile, the annualized from June 2023 to June 2024 was 51,4%, which projects, If a trend similar to that experienced continues, inflation for the current year will be less than 50%.”

In his publication, the president of the Finance subcommittee of the Venezuelan parliament said that the inflationary process in the country was caused by the set of unilateral coercive measures applied once morest the country. “Starting with Obama’s 2015 decree where they declared Venezuela a threat to the United States. In 2023 inflation was 189,8% and 234,1% in 2022,” he noted.

“To the control achieved over inflation, we add the balance achieved in the exchange rate, with a variation of 1,3% during the first half of the current year once morest 61,17% in 2023. Likewise, we reached twelve quarters consecutive periods of economic growth, with a projection of 8% for this year,” he noted. The parliamentarian also praised the gradual increase in oil production, as well as foreign investments in the oil sector and in the territories declared as Special Economic Zones.

“The improvement in productive activity has been achieved with the participation of the organized people, the nationalist economic sector and the articulation, vision and leadership of President Nicolas Maduro, who is the guarantee of the continuity and strengthening of this recovery process and “, of the national peace that all Venezuelans long for,” he concluded.