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Country Economic Forecasts > Venezuela

  • July 2017
  • 10 pages
  • Oxford Economics
Report ID: 1907676

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The economic outlook has worsened even further this month as the prospects for higher oil prices have greatly diminished. We now expect the Brent oil price to remain around US$45pb in H2 2017 and throughout 2018 (previously $52pb) and Venezuela's GDP to shrink by 7.1% this year and to expand by just 1.3% in 2018, down from -5.4% and 2.0% previously. Yet, we remain of the view that a default will be avoided over the next 12 months, and possibly for longer.

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