“The hardening of sanctions faced by the country since 2015 undermines the potential positive impact of the current reforms as well as the state’s capacity to maintain infrastructure and implement social projects,” the UN expert warned. Remittances from abroad have decreased due to the blocking of state assets and the complexity of–and impediments to–bank transfers. “The Government’s revenue was reported to shrink by 99% with the country currently living on 1% of its pre-sanctions income,” Douhan wrote, adding, “Unilateral sanctions increasingly imposed by the United States, the European Union and other countries have exacerbated the ,” stated Alena Douhan, the UN special rapporteur on the negative impact of unilateral coercive measures on the enjoyment of human rights, after she took a two-week fact-finding trip to Venezuela in February 2021. The top United Nations expert on sanctions estimated that the Venezuelan government lost 99% of its revenue due to the Western unilateral coercive measures, which are illegal under international law. blockade imposed on Venezuela, which has starved the government of revenue, locked it out of the international financial system, and fueled an economic crisis. These predictions come despite an illegal U.S. The prominent Western financial institution also forecasted that Venezuela’s real GDP will increase by an additional 8% in 2023. The major Switzerland-based bank Credit Suisse has predicted that Venezuela’s real GDP growth will be 20% in 2022.
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