What's happening in Venezuela? Current situation and business outlook

Spanish companies continue to have an important presence in the country

Interview with the Venezuelan economist José Manuel Puente.

By: Nahjla Isaacs

“It is very clear that what has happened in Venezuela "It's a coup d'état," declared the Venezuelan economist José Manuel Puente when referring to the extent that the Supreme Court of Justice (TSJ) took place on March 30 where it annulled the legislative functions of the National Assembly. The measure, which caused alarm in the international community, was revoked, but has generated a series of protests by citizens who today demand the convening of general elections.

La political crisis en Venezuela has worsened the economic situation, the country has been “for three consecutive years in recession…four years of being the economy with the highest inflation in the world and as a third variable it shows systematic shortages never before seen in this economy,” says José Manuel Puente, professor at the Center for Public Policies of the Institute of Higher Studies of Administration (IESA) and doctor for the University of Oxford.

Despite the negative business environment that currently exists in Venezuela, Puente explains that the Spanish companies They continue to have an “important presence” in the Venezuelan economic world in key sectors such as banking and telephony and “despite the economic and political imbalances, Venezuela is a commendation that generates extraordinary business volume and profitability,” he says.

"Venezuela "It is in a stage of upheaval, but after this storm a transition will come," says the economist who sees in the united and coordinated action of the country's democratic forces and the street forces, the way to reestablish institutionality and peace. , “if one reviews any survey in Venezuela one realizes that the President Maduro It does not have more than 10 or 15 points in the polls and that 90% of Venezuelans, including part of the Chavista world, want a change,” he explains.

For the Venezuelan economist, if the economy with the largest oil reserve on the planet manages to simultaneously ignite growth engines like the , the sector petrochemical and agroindustry will be able to build an open praise of progress, wealth and equity, which undoubtedly represents a series of “opportunities for those companies that have presence and production capacity in Venezuela,” he points out.