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Bolivarian Republic of Venezuela
How to fix Venezuela's troubled exchange rate Printer friendly page Print This ShareThis
By Mark Weisbrot, CEPR
Center for Economic and Policy Research
Thursday, Jul 24, 2014
Most people think that the Venezuelan economy is a basket case on the verge of collapse, and that has been a widespread belief for most of the last decade. But the South American nation has only run into serious trouble in the past two years. Starting in 2004, after the government wrested control from its political opposition over the all-important oil industry, the economy performed quite well through 2012. It grew at an annual rate of 4.8%, and the poverty rate fell by half.
During the past two years, however, a number of problems worsened. Inflation has hit annual rates of more than 60%, and the country has faced an increasing shortage of essential consumer goods like milk and toilet paper. The black market price of the dollar also soared.
http://axisoflogic.com/artman/publis...le_67101.shtml
How to fix Venezuela's troubled exchange rate Printer friendly page Print This ShareThis
By Mark Weisbrot, CEPR
Center for Economic and Policy Research
Thursday, Jul 24, 2014
Most people think that the Venezuelan economy is a basket case on the verge of collapse, and that has been a widespread belief for most of the last decade. But the South American nation has only run into serious trouble in the past two years. Starting in 2004, after the government wrested control from its political opposition over the all-important oil industry, the economy performed quite well through 2012. It grew at an annual rate of 4.8%, and the poverty rate fell by half.
During the past two years, however, a number of problems worsened. Inflation has hit annual rates of more than 60%, and the country has faced an increasing shortage of essential consumer goods like milk and toilet paper. The black market price of the dollar also soared.
http://axisoflogic.com/artman/publis...le_67101.shtml
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