Weekly Report - 06 January 2022 (WR-22-01)

VENEZUELA: Maduro predicts stabilisation in 2022

President Nicolás Maduro found plenty of reasons to be cheerful over the Christmas period. In an upbeat new year’s address, he claimed that 2021 had been “the year of democratic institutionality” in Venezuela, which had seen the “consolidation of social peace” on account of the November regional elections [WR-21-47]. He also declared that the country had left behind its years of rampant hyperinflation and predicted strong economic growth in 2022, against a backdrop of rising oil production. Whilst rose-tinted to put it mildly, Maduro has some reason to expect that 2022 will be less turbulent than recent years in Venezuela, with the opposition on the backfoot and the economy showing signs of stabilisation.

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