Venezuela on the path of recovery?

**Sarmatian** · 12-07-2015, 22:05

Originally Posted by Husar

After many years of far too left-wing politics, Venezuelans have had enough of the economic downturn and empty supermarkets and have voted a new party into their parliament. A resounding defeat for the Chavez-politics of the last decade or two.

Apparently basing an entire country's economy on oil is not such a great idea and political prisoners may be released as well now.
Here's hoping that the country recovers from ruinous politics that made the people suffer.

http://www.bbc.com/news/world-latin-america-35019111

It is a serious error to place current Venezuelan troubles at far too left policies or Chavez.

It is mix of a global recession and failing oil prices.

Under 14 years of Chavez rule, Venezuelan GDP per capita went from roughly 4000$ to over 10000$ and extreme poverty fell from 24% to 8%.

Could he have done better? Most certainly. Corruption was a huge issue, but he was also facing a hostile regional hegemon who was very angry at losing the biggest slice of that oil cake.

To answer the initial question, no, Venezuela is not on the path of a recovery. Probably on a course of stagnation, with a few other heavily corrupted politicians turning over the control and profits of oil back to US companies.

**Montmorency** · 12-07-2015, 22:30

It is mix of a global recession and failing oil prices.

Under 14 years of Chavez rule, Venezuelan GDP per capita went from roughly 4000$ to over 10000$ and extreme poverty fell from 24% to 8%.

The dissonance here is profound.

Violent crime in Venezuela is the most evident Chavez legacy.