Venezuela is bouncing back

Credit Suisse yesterday posted a forecast that came with the clause "not a typo".

(Reuters) - Venezuela's economy could surge 20% this year, investment bank Credit Suisse said in a report, sharply hiking its previous forecast of 4.5% due to growing demand for its crude since Russia was sanctioned for its invasion of Ukraine.

Credit Suisse also projected 2023 gross domestic product (GDP) growth of 8%, up from a prior estimate of 3%.

"These are not typos! If we are accurate, these might end up being among the strongest growth prints globally for these years," it said in the April 6 dated report.

Forbes is calling for dropping U.S. sanctions on the country.
Venezuela's state-owned oil company PDVSA, said it was very likely that Washington will extend Chevron's license to operate in Venezuela. In fact, PDVSA is so confident that they are in talks to buy and lease several oil tankers.

How did the Venezuelan government survive the immense regime change pressure from the U.S.? Was it corruption? Repression? Or was it something else?

On Thursday, President Nicolas Maduro celebrated the delivery of 4 million houses to the Venezuelan people as part of the Great Housing Mission (GMVV) program.
“This historic milestone is reflected in joy for all the Venezuelan people,” Maduro stressed, recalling that his administration plans to build one million more dwellings as part of the GMVV program.

“Promoted by Commander Hugo Chavez in 2011, the GMVV demonstrates the success of the Bolivarian socialist model,” Maduro added, stressing that his country is a world leader in housing rights despite suffering from the U.S. and European Union (EU) economic blockade.

Hmmm. Give poor people something of value that will be theirs?
What a strange idea.

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Cassiodorus's picture

the PSUV government has been in power since 1999 -- but the people still need four million houses (without which, we might presume, they would be homeless). I mean, it's good that they're meeting that need, but under genuine socialism we might hope for a quicker turnaround time than 23 years.

No?

At any rate, what you read in Venezuelanalysis (probably our most reliable source of information on Venezuela) is that Washington is "backtracking on sanctions relief." So we are not to imagine that the class war is anywhere near over.

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