WB: GDP decline is partly due to crumbling private activity in Venezuela – Daily News – EL UNIVERSAL


WB: GDP decline is partly due to crumbling private activity in Venezuela

ECONOMY
Venezuela’s GDP fall in 2009 and the negative projections for 2010 are due to a collapse of private activity in the country, said on Wednesday Augusto de la Torre, the World Bank chief economist for Latin America and the Caribbean.

Venezuela’s Gross Domestic Product (GDP) will fall more than 2 percent in 2010, according to the World Bank in a research paper on the region, AFP reported.

“We are witnessing in Venezuela a phenomenon in which private activity, productivity, businesses, private production are falling,” De la Torre told a group of journalists.

In its Country and Regional Perspective report published on Wednesday, the International Monetary Fund (IMF) estimated that Venezuela’s GDP would fall 2.6 percent this year.

Venezuela and two Caribbean countries, Antigua and Barbuda and the Bahamas, are the only countries in the region included in the list of countries with negative growth in the hemisphere, according to the analysis made by the World Bank.

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