IMD World Competitiveness Booklet 2023

Competitiveness Country Profiles

Competitiveness Trends – Overall Venezuela

OVERALL PERFORMANCE (64 countries)

BASIC FACTS

Rank

2019

2020

2021

2022

2023

Capital Land area (square km '000)

Caracas

912 2022

63

63

63

2022

Exchange rate (per $)

6.929,170

64

64

33,36 2022 24 97,2 2022 51 5.735 2022 64 6,0 2022 13 200,91 2022 64 7,90 2021 54 14,32 2021 25 3,35 2022 20 21,2 2021 60

Population - market size (millions)

Gross Domestic Product (GDP) (US$ billions)

CHALLENGES IN 2023

GDP (PPP) per capita (US$)

• Strengthen regulatory framework: investors require confidence in the law and public institutions. • Move from economic instability to reconstruction in light of recovery stagnation, consumption slowdown, inflation acceleration, upward pressure on exchange rate. • Solve problem of basic services and infrastructure for homes and industries. • Simplify administrative procedures and reduce high tax burden. • Lack of access to financing for good projects and companies with elements to expand production capacity.

Real GDP growth (%)

Consumer price inflation (%)

Unemployment rate (%)

Labor force (millions)

Current account balance (% of GDP)

Direct investment stocks inward ($bn)

0,00 0

-

Direct investment flows inward (% of GDP)

PROVIDED BY: National Council to Investment Promotion (CONAPRI)

COMPETITIVENESS LANDSCAPE

Economic Performance Government Efficiency

Business Efficiency

Infrastructure

Domestic Economy

International Trade

International Investment Employment Prices

Public Finance Tax Policy

Institutional Framework Business Legislation

Societal Framework

Productivity & Efficiency Labor Market Finance

Management Practices Attitudes & Values

Basic Infrastructure

Technological Infrastructure Scientific Infrastructure

Health & Environment Education

29

32

40

46

52

58 63

62 64 60 60

64 64 64 64

64 64 62 61 63

PEER GROUPS RANKINGS THE AMERICAS (9 countries)

POPULATIONS > 20 MILLION (27 countries)

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

9

9

9

9

9

27

27

27

27

27

119