Venezuela economy grew 5% in 2023, will reach 8% this year-Maduro

Venezuela's President Nicolas Maduro delivers his annual address to the nation at the National Assembly, in Caracas, Venezuela , January 15, 2024. REUTERS/Leonardo Fernandez Viloria

CARACAS (Reuters) - Venezuela's economy grew more than 5% in 2023 and growth will reach 8% this year, President Nicolas Maduro said on Monday during his annual address to the government-allied legislature.

Venezuela's economy has suffered a prolonged meltdown marked by triple-digit inflation and a mass exodus of millions of migrants seeking better prospects elsewhere, though its inflation rate is no longer Latin America's steepest since Argentina's sped past 200%.