Transcript Venezuela - Westbrooks-Wiki

Venezuela
The Economic System
• The economy of Venezuela is a mixed economy based
in large part on petroleum. The petroleum sector
dominates the economy, accounting for roughly a third of
GDP, around 80% of export earnings, and more than half
of government operating revenues.
• Venezuela is the fifth biggest member of OPEC by
production. From the 1950s to the early 1980s the
Venezuelan economy was the strongest in South
America. The continuous growth during that period
attracted many immigrants.
• The collapse of oil prices during the 1980s the economy
contracted. With the 2007 rise in oil prices and rising
government expenditures, Venezuela's economy grew
by 9% in 2007. There was income inequality.
Change in Venezuela
• Other poverty measures, particularly ones that
are not just based on income, are slightly lower,
but all of them paint the picture of a large
increase in poverty in Venezuela over the past
25 years.
• Compared to other countries in Latin America,
Venezuela has the largest increase in poverty in
this time period and among the larger countries,
it has the largest proportion of the population
living in poverty.
What Goods & Services Need to be
Produced?
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Oil and gas
Power
Infrastructure
Financial Services
Telecommunications
Environment - including water
Tourism
Consumer goods
Security Services
How should the Goods and
Services be Produced?
• All the goods required for production,
manufacturing, import, storage,
transportation, distribution and marketing
of goods and services are declared of
public and social interest.
For whom should the Goods and
Services be Produced?
• Government officials may adopt measures
to prevent unlawful price gouging of goods
and services, and may even lower prices
when necessary Economy In his annual
address to the Nation at the National
Assembly.