PCV: Economic growth does not improve living conditions

The Communist Party of Venezuela (PCV) said on Tuesday that the “indicators of economic growth» recently announced by Nicolás Maduro “do not have a concrete expression in the improvement of the living conditions of the working class.”

“On the contrary, the rise of the inequality gap in the country is palpable,” said the PCV, a party intervened by the Supreme Court of Justice (TSJ), in a press release.

Impact of bonds

The member of the formation Maribell Diaz said that workers “face more than 900 days” with the minimum wage “frozen” – which has not been increased since March 2022 and is currently equivalent to 3.5 dollars per month at the official exchange rate – while the “government and business leaders celebrate 13 quarters of economic growth.”

The impact of low wages is mitigated, in part, by a food bonus, equivalent to 40 dollars, and the so-called “economic war bonus”, which is paid only to public employees, equivalent to 90 dollars, for a total of 133.5 dollars per month.

However, bonuses do not affect employee benefits, such as vacations or retirement, among others.

Statements on economic growth

According to the Central Bank of Venezuela (BCV), Venezuela’s economic activity grew 8.78% between April and June of this year, with which the country has accumulated 13 consecutive quarters with increases in its gross domestic product (GDP).

Díaz said it is “undeniable” that the government’s “economic” and “labor” policy is “focused on protecting capital gains, at the expense of the sacrifice of working families.”

He said that “the measures to safeguard the interests of banks and businesses are complemented by anti-worker practices that seek to neutralize struggles for labor claims or complaints.”

Maduro said on Thursday that domestic consumption grew by 8.99% during the first half of 2024, which he considered a sign that the country has “a strong market,” even though – he acknowledged – “workers’ salaries and incomes must be improved more and more.”

On Monday, the president predicted that by the end of this year, Venezuela will exceed “10% of real economic growth.”