LatinNews Regional Monitor: Andean Group - 6 March 2018

Venezuela: Venezuela’s Vice President Tareck El Aissami has announced that the Venezuelan government will work with the United Nations Industrial Development Organization (Unido), to develop new economic development policies, deeming the organisation’s backing “an important step” in establishing the so-called 'Programa País', which aims for sustained growth in Venezuela's agrobusiness sector. El Aissami declared that “the endeavour aims for the birth of a new post-rentier era to create a new and diversified economy with the capacity to resume agricultural production”. The announcement comes as the finance commission of Venezuela's opposition-controlled national assembly (AN) released a new report, which estimates that Venezuela's GDP contracted by 13.2% in 2017 and by 25.1% between 2012 and 2017. Via his official Twitter account, José Guerra, an AN deputy, criticised the decision by Venezuela's central bank (BCV) not to publish GDP figures and commented that “few economies in the world have suffered such destruction and ruin like the Venezuelan economy between 2012 and 2017”.

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