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Wednesday, 22 May, 2024

The promises of economic recovery that Maduro has not fulfilled

Since 2015, Nicolás Maduro has promised economic recovery for Venezuela. However, five years later, this keeps doing an unfinished task, while the country lives a progressive impoverishment.


The long-awaited economic recovery remains as one of the unfulfilled promises of the Chavista government of Nicolás Maduro. After seven years in power, Venezuela continues mired in an economic recession and hyperinflation that gives no truce to the pockets of the Venezuelans. Every day, citizens live a progressive impoverishment.

Last December 21, Maduro, which administration won a majority in the National Assembly in controversial and rejected elections, promised the same again and assured that 2021 must become the year of growth and economic recovery of the country.

“2021 must be the year of the economic recovery, of economic growth. We are doing all the studies to pass the endurance phase to the recovery phase,” Maduro said during a broadcasting message. But how many times had he promised the same? Here we present a summary.

2015: The year of economic change

On January 3 of that year, announced the Economic Recovery Plan, which would last six months. The focus was to boost national production, control hyperinflation, and strengthening national reserves. At that time, Maduro blamed the fall of the oil prices as the cause of the crisis, in what he called “an oil war,” which pretended to destabilize the oil export countries.

2016: An economic miracle

2015 had not yet ended when Maduro again announced a plan to recover the economy of the country. It is was the second measures program that he implemented since 2013 when he arrived at power. “It would be a plan to resume the growth and the next year. We will achieve the economic miracle, defeating the economic war,” he said. That year he also launched the Bolivarian Economic Agenda to boost the economic growth of the country.

2017: A new social productive model

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Anticipating the abrupt fall that the oil price would suffer at the end of 2017, the National Executive announced a new social productive model that did not depend on the oil market. That year, the onslaught of inflation in Venezuela and a marked shortage of food and medicine began to be seen.

2018: The overcoming of the crisis

After established a National Constituent Assembly to confront the National Assembly, legitimate and with an opposition majority, Nicolás Maduro assured that 2018 would be the year in which Venezuela could overcome the crisis. That was the fifth year in a row of the economic recession in Venezuela since Maduro became president. Also started an Economic Recovery Program, which included the monetary reconversion and the circulation of the Sovereign Bolivar. That year, on October 1, the cryptocurrency Petro also began circulating as an international exchange currency.

2019: The economic collapse

August 2019 marked a year of the Economic Recovery Program. However, few were the results: hyperinflation and the loss of purchasing power of citizenship were a reality that increased in the country. Although Maduro promised a total deployment to the restore, the Venezuelan economy continues to fall. During that year, the International Monetary Fund assured that Venezuela lives in an economic collapse. In 2018, the Central Bank of Venezuela authorized private banks to open exchange desks to facilitate foreign exchange transactions to individuals. However, the measure was classified as an “isolated change,” which did not contribute to the economy.

2020: The year of prosperity

Shortly before the ending of 2019, Maduro assured that 2020 would be the year of prosperity. However, nothing could be further from the truth. Three days before the end of the year, Venezuelans face a dollarized economy, while purchasing power decreases every day. “I know that in 2020, with everyone’s effort, we will achieve economic growth and prosperity,” he said.

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