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Venezuela's economy faltered while poverty, [59] [70] inflation [71] and shortages in Venezuela increased. According to Martinez Lázaro, professor of economics at the IE Business School in Madrid, the economic woes Venezuela continued to suffer under Maduro would have occurred even if Chávez were still in power. [ 72 ]
The 2009–2010 banking crisis occurred in Venezuela when a number of the banks of Venezuela were taken over by the government, after "the revelation that several banks owned by Hugo Chavez supporters were in financial trouble after engaging in questionable business practices. Some were seriously undercapitalized, others were apparently lending ...
In April 2000, Venezuela's president decreed a new mining law and regulations were adopted to encourage greater private sector participation in mineral extraction. During Venezuela's economic crisis, the rate of gold excavated fell 64.1% between February 2013 and February 2014 and iron production dropped 49.8%. [156]
In its World Economic Outlook report, the IMF has provided inflation rate estimates between 1998 and 2019. In 2018, the annual inflation rate reached 929,790% and was expected to reach 10,000,000% by the end of 2019. [47] According to the October 2019 World Economic Outlook report, Venezuela's inflation rate of 500,000 is the highest in the world.
Venezuela presented a GDP contraction of 3.3% in 2009, leading the energy crisis to prolong the recession in 2010. [54] Additionally, the transfer of power generation from hydroelectric to thermoelectric increased domestic consumption of petroleum products and natural gas , causing a drop in Venezuelan exports, [ 55 ] [ 56 ] that had already ...
The respite — coming after Venezuela's economy contracted 80% from 2014 into 2021 — even prompted some Venezuelans to return from Colombia, Peru, Ecuador and other Latin American countries ...
The Wall Street Journal said in January 2019 that economists place the blame for Venezuela's economy shrinking by half on policies of the Maduro administration, "including widespread nationalizations, out-of-control spending that sparked inflation, price controls that led to shortages, and widespread graft and mismanagement". [278]
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