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Venezuela is the only country that will not grow economically: World Bank

China has become the largest trading partner in Latin America, while the United States loses prominence.


Devdiscourse News Desk 14 Apr 2018, 12:25 PM Venezuela Rb
  • For the fiscal year 2018-2019 the bank expects to exceed USD 4 billion in credits, of which 60 percent is for infrastructure.

Latin America can take advantage of an eventual trade dispute between the United States and China. However, Venezuela is the only country that will not grow economically, and this was expressed by the Vice President of the World Bank for Latin America and the Caribbean, Jorge Familiar.

Familiar said that the perspective of economic growth that the World Bank has for Latin America and the Caribbean is around 2.6 percent for this year and 2.7 percent for the next year, in these periods Venezuela was not considered, which is going through a severe economic and political crisis.

He affirmed that the entity will close its fiscal year in July with credits for USD 4 billion for the region, the majority to finance infrastructure works.

"A commercial dispute between two very large markets that are destinations for Latin American exports can generate some benefits in the short term by supplying imports in certain niches, but in the medium and long-term the commercial war does not benefit the region, "said the executive.

China, a voracious consumer of raw materials, has become the largest trading partner in Latin America, while the United States loses prominence.

"What has benefited our region in an important way is that there is an international trading system with clear rules, which are also stable, "said Familiar.

Regarding the financing provided to the region, the executive said that for the fiscal year 2018-2019 the bank expects to exceed USD 4 billion in credits, of which 60 percent is for infrastructure.

"This was a year of relatively low activity for us, due to the electoral processes underway. Our normal volumes range between USD 6 billion and USD 8 billion, "he said.

"The fundamental thing is that the investment that comes from the capital of the World Bank mobilizes resources from the private sector," he added.

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