Venezuela is the OPEC Member State with the worst economic performance

[ChangoLoa]

The Venezuelan government has explained that ongoing recession in Venezuela is the result of the "crisis of capitalism." That is, falling oil prices is because US and European economies are in troubles. However, an in-depth view shows that the country faces problems beyond volatility of the oil barrel.

After an unprecedented peak last year, oil prices stopped sparkling due to the global crisis. However, Venezuela was the Member State of the Organization of Petroleum Exporting States (OPEC) which endured the highest impact.

The numbers of the International Monetary Fund (IMF) show that in 2009 only four OPEC Member States faced economic shrinking: Kuwait, by 2.7 percent; United Arab Emirates, 0.7 percent; Angola, 0.4 percent, and Venezuela, 3.3 percent.


http://english.eluniversal.com/2010/09/03/en_ing_esp_venezuela-is-the-ope_03A4415011.shtml

[naaman fletcher]

1. Yes but in Colombia,

La Macarena, Bushwahcked, etc.

[Downwinder]

2. Missed one. Iraq

"a cartel of twelve countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela." http://en.wikipedia.org/wiki/OPEC

[bherrera]

3. Economic crisis in Venezuela caused by government

This is a classic case study for the economics departments in the future. Government intervention in the exchange rate caused non-competitive position for the local industry. Lack of confidence in government actions due to erratic confiscation and nationalization lead to disinvestment and capital flight, plus poor performance of the government in many areas, high crime, high inflation, poor efficiency in ports and customs (which lead to rotting of food in containers), and electric power crisis create a perfect storm for this country, which is now suffering from negative GDP performance since 2008, and is forecasted to continue to decay past 2011. Government leaders, most of them dogmatic followers of the autocrat Chavez, are not understanding that corrective measures should be taken to simplify the exchange controls, and provide confidence in the private sector. Instead, they threaten to nationalize and confiscate more property, and evolve a fascist like economy in which only those corporations which agree to support the government will survive. It is the Uganda of Latin America.

[Judi Lynn]

5. You are so confused about fascism. It's simply sad. Do some reading, if you can manage it. n/t

[Judi Lynn]

4. ElStinkingUniversal? 24/7 anti-Chavez "news" paper? Check, please. n/t

[ChangoLoa]

6. Clueless. nt

[bherrera]

7. Can't deny the facts, Chavez is a neo fascist collapsing the economy

The facts are well known, the Venezuelan economy is in a full state of collapse, since 2008 it has suffered from hyper inflation and shrinking at the same time. The Venezuelan government is acting contrary to economic common sense, and they are only managing to destroy the country's economy. It is easy to see the automatic response of regime apologizers for what it is, being unable to discuss the facts, they attack the source, thus defending this awful neo-fascist regime which poses as a socialist government.

[Downwinder]

8. Definition please (as you understand them):

1. neo-fascist

2. socialist

[Joe Chi Minh]

11. You know, I think Ugo's going to be very disappointed in you, Basil. You

are Basil Fawlty, aren't you? You're not making any progress in your studies. Maybe even going further backwards.

[Phil The Cat]

9. What is the true story on the "Good Living" card?

El Universal and The Miami Herald are trashing it, so it must be something that doesn't help the rich and powerful get more rich and powerful!

[Joe Chi Minh]

10. Western media confuse a healthy economy with the health of the country's

shareholders. The rest of us simply don't count. So that article tells us a lot about our media and their puppet-masters, and nothing about Cuba's economy.