Boston, MA -- (SBWIRE) -- 03/24/2014 -- In a series of actions which are likely to put wary investors even more on edge, the Venezuelan government demonstrated it has no intention of changing course or addressing the serious economic challenges that the country faces. We believe near-recessionary conditions will persist over the coming quarters, and recent changes announced in Venezuela's management of its currency are not significant enough to reverse the overarching trend towards an official devaluation, which we expect to occur in H114. The devaluation will constrain consumer purchasing power and raise the cost of imported products for local consumers. The ascension to full membership in the Mercosur trading bloc by Venezuela in July 2012 is one of the few bright spots for local and foreign companies operating in the country. This potentially opens up new opportunities in markets such as Brazil, Argentina and Uruguay, which Venezuelan companies can export consumer electronics products to, in order to boost growth. This is evident in the business strategies of Samsung, with its joint venture with the government, as well as VIT and Vtelca. Further, BMI expects an expanding population, rising disposable income and easier access to consumer credit to have positive effects on Venezuela's consumer electronics sales over the long term.
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