Venezuela President Admits Failure Of Socialist Economy, Hopes For Recovery In Two YearsThe 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.

Also Read: Thanks To Socialism, Venezuela Is On The Road To Literal Serfdom

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