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> Venezuelan economy declined 19% in 2016 alone

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TSKampung2005
post Jan 21 2017, 12:45 PM, updated 8y ago

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http://www.thestar.com.my/business/busines...n-hits-800-pct/

Venezuela 2016 inflation hits 800 pct, GDP contracts nearly 19 pct

CARACAS: Venezuelan consumer prices rose 800 percent in 2016 while the economy shrank 18.6 percent, according to preliminary central bank figures seen by Reuters, the sharpest economic contraction in 13 years and the worst inflation reading on record.

An extended slump in oil prices has turned the OPEC nation's once-prosperous economy into a mirror of the latter day Soviet Union, with rampant product shortages forcing some to skip meals and wait hours in food lines.

President Nicolas Maduro's government blames the situation on an "economic war" led by political adversaries with the help of the United States. As the problems mounted, the central bank stopped releasing quarterly and monthly economic indicators.

The oil sector, which provides nearly all of Venezuela's hard currency, in 2016 shrank 12.7 percent, according to an excerpt of a document containing the figures that was shown to Reuters. The non-oil sector shrank by 19.5 percent, according to the document.

The figures could be changed in the process of approval by the central bank's board of directors, according to a source with direct knowledge of the situation.

Economy Vice President Ramon Lobo played down the inflation figure reported by Reuters while speaking with journalists on Friday, but declined to offer a figure himself.

"Let's wait until the central bank announces it, but that figure is totally crazy," said Lobo, though he acknowledged that "the economy is facing a difficult situation."

In 2015, the economy contracted 5.7 percent while inflation reached 180.9 percent, the central bank said last year.

Maduro accuses opposition-linked businesses of artificially creating economic problems. He says inflation is the result of speculative price-gouging by unscrupulous capitalists, and insists workers are better off as a result of minimum wage increases in 2016 that totaled 454 percent.

"In a year we have raised minimum wage five times, and I say today that (those increases) are well above 2016 inflation," he said during a news conference earlier this week, without offering an inflation figure.

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The country's currency controls have left businesses unable to obtain dollars, meaning merchants struggle to stock shelves and factories sit idle for lack of raw materials or machine parts. Venezuelans last year began crossing into neighboring Brazil and Colombia in droves to buy groceries.

Investor concern that Venezuela may not be able to continue servicing its foreign debt has made its bonds among the highest-yielding emerging market securities, paying investors on average 21 percentage points more than similar U.S. Treasury notes.

Maduro has dismissed rumors that the country or state oil company PDVSA could default, noting that the ruling Socialist Party has never missed a bond payment. - Reuters
JohnLai
post Jan 21 2017, 12:52 PM

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Leh, typical failed leaders response.
Blame it on USA.

Last time USA 'helped' Venezuela to sanction Iran and that country earns hella lot of money from its oil sales.
Venezuela still got the nerve to say "sorry, we don't have money left, it is USA fault"

Joke of the day.
SUSradical85
post Jan 21 2017, 01:08 PM

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Ok la. U expect him to say "yep we fucked up, let's try harder in 2017 mmkay?"
Stigonboard
post Jan 21 2017, 01:26 PM

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Lol this is the country that pakatan esp rafizi said we should emulate in the past hahahaha
internaldisputes
post Jan 21 2017, 01:42 PM

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when will the sexy and beautiful venezuelan refugees going to come to malaysia?
LamboSama
post Jan 21 2017, 01:53 PM

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Increase wage by 500%. Low fuel prices.
Surely this is the type of leaders we should vote for. laugh.gif
LegendLee
post Jan 21 2017, 02:01 PM

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19% ?
I thought it would be a lot more hahaha
river.sand
post Jan 21 2017, 02:07 PM

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Looking at the title, I thought hippihippo is back laugh.gif
SUSbingding
post Jan 21 2017, 02:08 PM

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QUOTE(river.sand @ Jan 21 2017, 02:07 PM)
Looking at the title, I thought hippihippo is back laugh.gif
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u know where did he go? his articles are the best ever. v informative
Stigonboard
post Jan 21 2017, 03:09 PM

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QUOTE(kickrba @ Jan 21 2017, 01:36 PM)
This is the example Pakatan use to determine our fuel price should be  previously.
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Yep....did you know that venezuela heavy subsidies for petrol and free education and low tax is the reason they crumble?


MonsterPips
post Jan 21 2017, 03:48 PM

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RalphRatedR
post Jan 21 2017, 04:13 PM

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Salahan Pastor 'Crashtor' Maldonado & PDVSA. Owai
TSKampung2005
post Jan 21 2017, 04:25 PM

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You guys should stop talking unrelated stuffs in this thread.
SUSbingding
post Jan 21 2017, 04:26 PM

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QUOTE(Kampung2005 @ Jan 21 2017, 04:25 PM)
You guys should stop talking unrelated stuffs in this thread.
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ok im sorry, kampung2005
gogocan
post Jan 21 2017, 04:57 PM

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Lel..Venezuela thread become china vs arab thread..
incubus_skj
post Jan 21 2017, 06:38 PM

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cukur malaysia baik drpd Venezuela dan Zimbabwe

beribu ribu tahniah kepada kerajaan UMNO-BN!
TSKampung2005
post Jan 21 2017, 06:39 PM

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QUOTE(Stigonboard @ Jan 21 2017, 03:09 PM)
Yep....did you know that venezuela heavy subsidies for petrol and free education and low tax is the reason they crumble?
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There are many reasons for VZ economic demise, what you are saying is just one of the reason though an important one.

Chavez imposed capital/currency control to the point of people relying on black market Bolivar rate. Airlines stop flying there due to difficulty in repatriating earnings there.

At the same time, Chavez / Maduro appropriation of private businesses had effectively wipe off the little non-oil private sector industrial capacity, that's why shortages of goods persist.

With these combined with excessive dependence on oil for earnings, it is not surprising to see the economic collapse of Venezuela.
haroldz123
post Jan 21 2017, 07:00 PM

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their girls can come here for extra money...
AnimeSinceForever
post Jan 21 2017, 07:14 PM

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Yup, waiting for that too. Sex for rent. It happens, and nobody can deny it...

QUOTE(internaldisputes @ Jan 21 2017, 01:42 PM)
when will the sexy and beautiful venezuelan refugees going to come to malaysia?
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