Bank of America foresees a “small rebound” of the Venezuelan economy with growth between 9% and 12%.
In interview with Bloomberg LineSebastián Rondeau, an economist at the financial entity, pointed out that the rise in oil prices on a global scale and a moderation of controls have been decisive in relieving the economy.
“We are finally seeing a recovery at the margin of the oil production and exports. There is some loosening of restrictions on oil exports to Europe », he commented on the recent easing of US sanctions against Venezuela.
Rebound projections for the Venezuelan economy
As part of the economic relief, he pointed out the negotiation meetings between high-ranking officials of the United States and the Maduro government. Also, Venezuela’s export capacity of 487,000 barrels of oil per day during the month of June, in the midst of the war between Ukraine and Russia.
“With this recovery in oil and some signs of pragmatism, we are going to have a rebound in economic activity in 2022, after a very strong fall for years, the first small rebound after many years of abrupt decline in economic activity,” he explained. Rondeau.
He stressed that his projections point to growth above 10% by the end of 2022, with moderation for 2023 and subsequent years. However, he stressed that everything will depend on the strategic management given by the Venezuelan State.