Venezuela growth could hit 20% this year, Credit Suisse says: ‘Not typos!’

CARACAS: Venezuela’s economy could surge 20% this year, investment bank Credit Suisse said in a report, sharply hiking its previous forecast of 4.5% due to growing demand for its crude since Russia was sanctioned for its invasion of Ukraine.
Credit Suisse also projected 2023 gross domestic product (GDP) growth of 8%, up from a prior estimate of 3%.
“These are not typos! If we are accurate, these might end up being among the strongest growth prints globally for these years,” it said in the April 6 dated report.
Venezuela’s economy hit “rock bottom” in 2020 and the new forecast is largely based on the expectation that oil GDP will rise more than 20%, it said.