Political Risk Latin America Blog @PolRiskLatam

Venezuela: stuttering back to growth

Posted in News and Articles, Political Risk by politicalrisklatam on February 23, 2011

by Adam Thomson  for Financial Times – Beyond Brics, February 23rd, 2011.

It is hard not to shed a tear for Venezuela. Latin America’s largest oil producer on Tuesday confirmed that it had pulled off the remarkable feat of contracting 1.4 per cent during a year in which oil prices rallied.

That was the second consecutive year of negative growth for Venezuela – in 2009, the country led by socialist President Hugo Chávez shrank 3.3 per cent – and it comes as the rest of Latin America is rebounding strongly from the global recession of two years ago.

Indeed, as Venezuela has continued to suffer, it has looked more and more like an outlier in a region that, for the most part, finally seems to have freed itself from the cycles of boom and bust that previously characterised economic development. In 2010, the only countries in the region likely to post negative growth are Venezuela and Haiti. (continue reading… )



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