Skip to main content
The Morning Star Shop
Venezuela: why the rift between its communists and the Maduro government?
Britain's Communist Party leader ROBERT GRIFFITHS reports back from his recent visit to the Latin American country
BETTER TIMES: Militants of the Communist Party of Venezuela (note the chracteristic PCV red cockrel symbol) at the closing rally in Caracas of the ‘Yes to constitutional reform’ campaign November 30 2007 [LuisCarlos Díaz/flickr/CC]

VENEZUELA’S economy is likely to grow faster than most this year and next, according to Credit Suisse. GDP is forecast to have grown by as much as 20 per cent this year (the IMF reckons 6 per cent), up from around 4 per cent in 2021 (the IMF claims 0.5), before easing down to 7 or 8 per cent in 2023. 

But there is still a long way to go before the average output and income per head trebles to reach its level before world oil prices began falling a decade ago. 

A severe devaluation of what is now the bolivar fuerte has reduced the scourge of hyperinflation to the lesser problem of inflation, although the revamped currency still struggles to maintain its value in the foreign exchange markets. Many shops remain happier to receive US dollars from foreign tourists.

The 95th Anniversary Appeal
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
More from this author
A ballot box arriving during the count for the Blackpool South by-election at Blackpool Sports Centre, Blackpool, May 2, 2024
Features / 19 July 2025
19 July 2025

In the run-up to the Communist Party congress in November ROB GRIFFITHS outlines a few ideas regarding its participation in the elections of May 2026

Claudia Jones
Features / 27 February 2025
27 February 2025
From McCarthy’s prison cells to London’s carnival, Jones fought for peace and unity while exposing the lies of US imperialism, says ROBERT GRIFFITHS, in a graveside oration at Highgate Cemetery given last Sunday
REDISTRIBUTION NOW: Protesters march against austerity measu
Features / 4 November 2024
4 November 2024
In the second of two articles on Labour’s weak Budget, ROBERT GRIFFITHS argues that Britain’s massive private wealth and offshore tax havens show clear potential for radical redistribution through progressive taxation
Features / 3 November 2024
3 November 2024
In the first of two articles, ROBERT GRIFFITHS argues that despite a parliamentary majority, Labour’s timid Budget fails to seize a historic opportunity and lacks the ambition needed to address Britain’s deep social and economic crises
Similar stories
BY POPULAR ACCLAIM: Venezuelan President
Nicolas Maduro arri
Features / 23 January 2025
23 January 2025
FIONA SIM sees the Venezuelan anti-fascist and anti-imperialist initiatives as offering hope to the rest of the world
FIRM REBUFF TO SEDITION: National Assembly President Jorge R
Features / 6 December 2024
6 December 2024
The new ‘Bolivar’ Act expands the brutal sanctions programme as the Trump team signals a return to aggressive regime change and foreign mercenaries plot insurrection and assassination, writes TIM YOUNG
An image of Republican presidential nominee former President
Features / 12 November 2024
12 November 2024
TIM YOUNG warns that the president-elect’s record of economic and political interference from his last stint in the White House show dangerous potential for escalated aggression against the Bolivarian government from 2025