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Venezuelan economy to recover in 2017, says minister

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Staff Writer | November 14, 2016
Venezuelan Minister of Foreign Trade and International Investment, Jesús Faría, said that the country’s economy would recover at a slow rate, gradually though.
Jesús Faría
LatAm   An end to three consecutive years of reduced production
In his words, this will also put an end to three consecutive years of reduced production due to “declining oil prices.”

Likewise, the minister agreed with an analysis made by economist Francisco Rodríguez, who estimates a GDP growth at 1.9% by 2017.

Despite unavailability of official figures from the Central Bank of Venezuela (BCV) showing the current inflation rate, Faría explained that it began to fall in August this year. Thus, he expects that trend “will continue.”

“Inflation is a very complex process in Venezuelan society. It is closely related to a highly speculative economy and parasitic actions from economic stakeholders who control fundamental spaces of production and distribution chains, and make prices go up absurdly without economic reasons,” the trade authority added.

The minister further praised minimum wage rises implemented by President Nicolás Maduro with a view to “protecting” the people from increased basic products.