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Leisure and fashion, the other engines of economic recovery in Venezuela

Leisure and fashion, the other engines of economic recovery in Venezuela

Although the pandemic was the definitive blow for the leisure sector, the music and artistic industry had already been in decline for more than five years, caused by the economic crisis as a result of the hyperinflation which made it difficult to hire artists, especially international ones.

But dollarization, which has settled in the last two years, and the stability achieved by the national currency —the bolivar— since last October have made producers and artists regain confidence, after a critical stage in which losses were guaranteed. by scheduling events months in advance.

That time played against it, since the devaluation of the bolivar meant that the initially set budget and the agreement reached between artists and producers were not profitable when it came to paying months later, since the currency suffered, in the best of cases, loss of value in percentages of up to four digits.

This obstacle was eliminated by fixing the prices in dollars, regardless of the currency in which the payment is made, since it will be adjusted to the agreed amount in foreign currency, which will be paid according to the official rate on the billing date, and not on the day the contract was signed.

This possibility, which the Government authorized in the face of unstoppable dollarization, made businessmen in general and those dedicated to the world of leisure in particular recover their lost confidence and venture to schedule events again, which entails the creation of jobs.

“This reactivation has gone down very well in the community and has been very important for the generation of jobs that were stopped. This world looks superfluous, but it is an economic activity that generates, in a medium-sized scenario, about 50 or 60 jobs, only in the part of the elaboration and assembly structure”Colmenares explained.

In addition, he detailed “Each musical group by itself employs approximately 20 people, including musicians, instrumentalists, engineers”which in turn give rise to the generation of indirect work for other sectors, such as “Mesoneros (waiters), security, protocol, transportation and lodging”which reach an average of 200 people per event.

And although Colmenares acknowledged that the start has been “a bit loose”assured that “has been rising” and was optimistic about the panorama that is presented until the end of the year.

Fashion follows suit

The Hesperia Valencia Fashion Week (HVFW)which was recently held in the state Carabobo Taking advantage of the economic reactivation, it was the first event of this type that Venezuela hosts and promises to be the first impulse of an industry that remained in the rear.

The organizer of this fashion week, Roman Palmisanorated as “positive” the movement generated, after about ten years without similar activities.

“It is super positive for the reactivation within this fashion movement that had been neglected in Venezuela for around ten years without having such a complete fashion week”he reiterated.

Within the framework of the HVFW, in addition to the parades, conferences and talks were held, the organization of which had around a hundred participants, who joined the designers and models, generating more than 250 direct jobs.

For his part, the designer Giovanni Scutarowho also celebrated the success of the event, explained that a single creative generates work for more than 100 people.

“In the atelier, as such, we are 25 workers. In my productions, the least that work with me is 120 people. Between hairdressers, make-up artists, the entire team that collaborates within the organization as such”assured.

Fashion and entertainment professionals are committed to taking advantage of the moment of growth that Venezuela is experiencing, which was, according to the government, 7.6% in the third quarter of 2021 —the latest global figure provided by the authorities—, despite the sanctions of the United States. United States and other countries, causing the economic blockade.

Source: Gestion

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