The Venezuelan Enterprise: Current Situation, Challenges and Opportunities

When thinking about a potential process of recovery in Venezuela, it is necessary to understand the current situation of the private sector. From end 2013 until end 2020, gross domestic product (GDP) is estimated to have contracted by at least 75%, putting Venezuela's depression among the deepest of the world over the last 60 years. In this sense, it is worth asking: What is the status of the Venezuelan business fabric? What are its strengths and weaknesses? And where should the emphasis be put to help the private sector jump-start an economic recovery? To answer these questions, the IDB, together with the IESA, and with the support of more than 30 business chambers in the country, carried out the Enterprise Survey with a sample of almost 300 companies. This instrument assesses firms obstacle such as access to financing, infrastructure, competition and performance of companies, among other variables. To date, more than 164,000 interviews have been conducted in 144 countries.

Simultaneously, the IDB carried out the World Management Survey. This survey analyzes management aspects that allow a deeper understanding of the productivity of companies based on a sample of 100 companies in Venezuela. The WMS has performed more than 20,000 interviews in 35 countries. This panel discussion centered on the results of the most rigorous studies carried out on the business sector in Venezuela in the last ten years.

Event speaker José Luis Saboín, Economist at the Inter-American Development Bank and author of the report, presented the findings followed by a panel discussion featuring:

Emmanuel Abuelafia, Economist at the Inter-American Development Bank
Miguel Angel Santos, Director of Applied Research at the Growth Lab
Maria Cecilia Acevedo, Economist at the IDB Invest
Carolina Pagliacci, Professor at the IESA (Venezuela)

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