Skip to comments.Venezuela on the Brink
Posted on 09/13/2010 7:49:03 PM PDT by neverdem
Venezuela goes to the polls on Sept. 26 in a parliamentary election that opponents of President Hugo Chavez see as a chance to turn the tide, as Reuters news service puts it. Chavez may be taking on more authoritarian powers, but he also has to defend what the latest data show is the worst economy in the world. And you thought the Democrats had problems!
The Economist magazine provides statistics weekly on 57 nations, from the United States to Estonia. Its most recent report forecasts that gross domestic product in Venezuela will decline by 5.5 percent in 2010. Next worst is Greece, with a 3.9 percent decline. Greece, of course, came close to defaulting on its debt earlier this year, and analysts at Morgan Stanley worry that Venezuela is moving in the same direction.
Our new baseline of at least three years of economic contraction suggests the risks to Venezuelas ability to honor its international financial commitments may be on the rise, wrote Daniel Volberg and Giuliana Pardelli in a June report, at the same time predicting that GDP will fall by 6.2 percent in 2010. While most of Latin America, in line with the globe, has been in recovery mode since last year, Venezuela has seen an intensifying downturn in activity, they added.
So thats GDP, the single best measure of economic health. When it comes to inflation, no one is close to Venezuela. Consumer prices are already up 31 percent for 2010 and are expected to rise more by year-end. Only two of the remaining 56 nations monitored by the Economist are suffering double-digit inflation: India and Egypt, both with 11 percent price increases.
Venezuelas stagflation is all the more remarkable because, as the No. 8 oil-producing nation in the world, the country should be benefiting handsomely from...
(Excerpt) Read more at commentarymagazine.com ...
Venezuela’s situation in their up-coming elections is very similar to ours, and things are expected to be tense around election time.
Obamay tries but he can’t be as good as Hugo at destroying a country.
Chavez just uses the elections to find out who his enemies are.
Venezuela is worse than Zimbabwe?
Its going to be the dirtiest, most-rigged election in history (except when Saddam won with 100% of the vote)
Sean Penn needs to go down there and make election commercials for his hero on how to take over more private industry to achieve social justice... Equal poverty for all...
I call bullcr@p on this. Venezuela is nowhere near as bad as Zimbabwe, Haiti, or North Korea.
Venezuela is still in the early death spiral stages compared to Zimbabwe. Zimbabwe is dead.
Any Praetorian Guard want to become the liberator of Venezuela?
I did not know they still had elections. Are they stupid enough to vote for Hugo?
Did ya read the article???
Yes Equal Opportunity destitution. The Obama Plan for us.
Hugo should call Barry to get some advice on fixing the economy.
The Hugolans do, just like the Obamulans here.
Pick me sir.
Have you seen the women down their?
We are heading towards Zimbabwe. Meanwhile idiots watching the 24x7 propaganda on the 5 out of 6 TV networks with Saudi shareholders or Saudi multi billion deals.
Wonder where all that endless “moderate Islam” lite comes from that is mentioned ad nauseum? TV viewers support the islamo marxist O regime.