Venezuela’s Economy Has Grown Despite Sanctions

News Americas, NEW YORK, NY, Mon. Aug. 29, 2022: Venezuela is a country that a few years ago came under tough sanctions (including an oil embargo) and is now trying to restore its economy in difficult conditions. Despite the fact that most countries in the world do not support the regime of Nicolas Maduro, the country’s president still holds his seat in power and talks about the imminent financial recovery of Venezuela in 2022.

Experts and opposition-minded people do not believe in such a forecast and believe that the country’s economic growth is possible only on paper. Even during the last presidential election, such activists gained popularity and persuaded citizens not to trust the government. Now you can meet every day more and more economists and political scientists who are promoted in social networks, buy Instagram followers and become famous politicians.

According to Nicolas Maduro, Venezuela has found its way of economic development and knows how to build a successful future. The head of the Central Bank of Venezuela, Calixto Ortega, said that the country’s economy has already grown by 17% in the in the first quarter of 2022.

However, the success of the country cannot be explained only by the merits of the president and the management of the economy. An important role here is played by the easing of sanctions by the United States, which began in February-March 2022 in connection with a new military conflict in Europe. The United States made an exception for the supply of some oil from Venezuela.

Due to the fact that Russia is now in a similar situation, the United States is ready to gradually return Venezuelan oil to the world market in order to cut off supplies from Russia. The experience of the Latin American country in surviving under sanctions helps Russia to build its own plan of action.

If you read the comments of some figures in social networks, then you have seen their accounts, as they actively promote their profiles and buy real Instagram followers, which instantly makes them famous. You will see opinions that without a well-established oil exports to these countries will be difficult to develop. However, time will tell how sanctions will affect them.

In addition, these two countries are now actively building interaction in order to jointly ensure the economic growth of their countries. Certainly, skeptical activists doubt that the two countries can help each other in such a dire situation.

Some experts are sure that the world market needs all major oil suppliers, and the embargo cannot last long. This is due to the fact that the needs of society are constantly growing and the extraction of resources should only increase over the years. In this regard, the world will not be able to exist for a long time without the oil of Russia and Venezuela.