Venezuela’s economy is poised to grow by as much as one-fifth in 2022 as a surge in production of crude triggers an eye-popping rebound for the nation’s GDP, which saw a dramatic decline amid US sanctions, according to Credit Suisse economist Alberto Rojas.
“These are not typos! If we are accurate, these might end up being among the strongest growth prints globally for these years,” Rojas wrote in a research note seen by Bloomberg.
“However, we want to be clear, high growth prints should come as no surprise after the Venezuelan economy hit rock bottom in 2020,” the note published on Wednesday reads.
The analyst added that tax collections in dollar terms in 2022 could see an enormous growth of more than 40%, while the country’s imports could expand over 15%.
Meanwhile, Venezuela will reportedly record a current account surplus of about $4 billion. The country managed to lower its year-end annual headline inflation forecast to 70%, from a previous projection of 150%.