Venezuela the OPEC member with the worst economic performance

Economy 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. In 2004-2008, the Venezuelan economy showed a pattern where high oil prices ensured high growth thanks to public spending. This is not the case any more. Oil brightness is a requisite, yet scanty condition.

Rising oil prices do not ensure any more high growth, like in 2004-2008 (File photo)

Quotable

"The opposition has been desperate all these years and continues in despair, fabricating, lying, misleading; it has no limit whatsoever and they were plotting (...) At this time, in September, Venezuela would be in chaos. They like to fish in troubled waters; they will be trying always to create chaos, trying to tumble the government. They obey the US government for all the money given to them; they invest here million dollars."

President Hugo Chávez

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More bad economic news for Venezuela

Economy

Venezuela's economic downturn has completely reshaped the labor market. Against a backdrop where the private sector is sapped by recession, lack of formal jobs is the first symptom of the economic crash. While the unemployment rate has not significantly heightened, despite a sinking Domestic Gross Product (GDP) at 3.5 percent in the first half of 2010, the informal sector of the economy has soared indeed.

Election campaign for new National Assembly heats up

Election 2010

According to a national survey conducted in August by pollster Alfredo Keller & Asociados, ahead of September 26 parliamentary elections, the Venezuelan electoral population is divided into three sectors. Based on the poll, 30 percent of respondents said they are supporters of President Hugo Chávez, 37 percent are floating voters and 33 percent are opposed to President Chávez.

Hunger striker dies waiting for Chávez's answer

Human Rights

Venezuelan Vice President Elías Jaua regretted the death of Venezuelan farmer Franklin José Brito Rodríguez and denied that the government has seized or confiscated the lands of the grower that are located in the rural area of La Tigrera in the state of Bolívar, southern Venezuela. "We want to make it clear, truly speaking, that Franklin Brito was never subject to any measure of seizure or confiscation of lands. It is false that the Venezuelan government has seized the estate owned by Brito," the Venezuelan VP told reporters.

ESPACIO PUBLICITARIO

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