Insta
The Venezuela President has presided over a crumbling economy (Photo by John Moore/Getty Images)
President of Venezuela Nicholas Maduro has admitted the failure of the country’s economy and promised recovery in two years, AFP has reported. Public service failure, food and medicine shortages and power cuts have been plaguing the country.
"The production models we've tried so far have failed and the responsibility is ours, mine and yours," Nicholas Maduro told his partymen. IMF has predicted one million percent inflation in Venezuela this year.
"I estimate it will take about two years to reach a high level of stability and see the first symptoms of new and economic prosperity, without for one second affecting social security and protection," the President told the PSUV party gathering.
The government has nationalised cement, steel, various businesses including supermarket chains. Venezuelan economy has fallen for four consecutive years and is expected to fall by 18 percent this year. In 2018, oil production has fallen to 1.5 million barrels a day from a high of 3.2 million barrels a day in the year 2008.
Due to US sanctions and a falling currency, Venezuela had launched its own crypto-currencies named ‘Petro’ and ‘OilCoin’. Maduro has often blamed United States for its economic war that has wrecked Venezuela’s economy.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest