Thursday, May 27, 2010

Venezuela's Economy Continues To Decline

While most other countries are recovering, Venezuela's economy is still contracting, with the official number being a GDP contraction of 5.8% between Q1 2009 and Q1 2010. Given how tightly everything is under the control of Venezuela's loony dictator, Hugo Chavez, this number hardly exaggerate Venezuela's hardship, and in fact it likely underestimate the problems.

Given the loony economic policies of Chavez, these problems should hardly be surprising.