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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]
Venezuela is a major producer of oil products, which remains the keystone of the Venezuelan economy. Under the Chávez government, crude oil production decreased from 3.12 million barrels a day when Chávez took office in 1999, to 2.95 million barrels a day in 2007, [10] whilst oil prices increased 660%.
On 2 June 2010, Chávez declared an "economic war" on Venezuela's upper classes due to shortages, arguably beginning the crisis in Venezuela. [18] By the end of Chávez's presidency in the early 2010s, economic actions performed by his government during the preceding decade, such as deficit spending [ 19 ] [ 20 ] [ 21 ] and price controls, [ 22 ...
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 ...
Several major U.S. economic variables had recovered from the 2007–2009 Subprime mortgage crisis and Great Recession by the 2013–2014 time period. U.S. Real GDP – Contributions to Percent Change by Component 2007–2009
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Other economists, such Ecoanalitica director Asdrubal Oliveros, estimate a less dramatic drop of 30%, depending on how severely the global crisis affects employment.A quarter of Venezuelans ...