Meltdown in Venezuela From Bad to Worse 

By Michael Shifter

According to the International Monetary Fund (IMF), the economy contracted ten percent last year, and it is projected to shrink at least eight percent this year. Inflation is forecast to reach 700 percent. All over the country, energy shortages leave the streets in darkness for hours every day. The capital, Caracas, has one of the highest murder rates in the world. And in a country with a barely functioning health system, an estimated 400,000 people have contracted the Zika virus, and the numbers keep rising.

All of this in the country with the highest proven oil reserves in the world. After more than 17 years of what Chavistas called “socialism of the twenty-first century,” Venezuela is even more dependent on oil than it was when Chávez assumed power in 1999. Then, oil accounted for less than 80 percent of all exports. Today, it accounts for 95 percent of exports and at least 25 percent of the country’s GDP. With the price of oil below $40 a barrel—and even lower for the heavy crude that Venezuela produces—the country is running out of hard currency. The fiscal deficit is approximately 17 percent of GDP, and President Nicolás Maduro—Chávez’s handpicked successor, who was elected for a six-year term in 2013—has slashed imports in an effort to preserve scarce foreign currency. In a country that barely produces anything but crude oil, however, the result has been chronic scarcity.

MORE AND SOURCE: Meltdown in Venezuela | Foreign Affairs

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About brexians

Demetrios Georgalas (A Surviving Globalization Consultant) was born in 1961 in Bern and grew up in Athens. In1985, graduated from Surrey University with a Tourism Management BSc (Hons). In 1998, graduated from LMTB under Freie Universitat Berlin, with a Diploma Lasers in Medicine. His professional career was started in the private sector and at the same time he created his first consulting company D+G Consultants Inc. Worked for major multinationals in Greece and abroad (FMCGs / Pharmaceuticals / Tourism). Demetrios Georgalas, having established also Travelling 2 Greece a destination management company, while with the D+G Consultants working in the areas of BTL and special marketing projects. He is activated except from Greece in the Balkans and in Turkey, consulting his clientele with new innovative proposals. Apart from his enterprising activities, he dabbles at blogging, travelling and cooking while he is married and has two children. In conclusion Demetrios Georgalas is an Athenian, Greek, Agnostic, Traveller, & Liberal he likes sci-fi, photography, blogging, travelling and cooking and if you like fascism or any kind of dogma, keep out! Δημήτρης Κ. Γεωργαλάς Γεννήθηκε στην Αθήνα το 1961, σπούδασε Τουριστική Διαχείριση στο Ηνωμένο Βασίλειο και κατέχει μεταπτυχιακό τίτλο στην Βιοτεχνολογία. Έχει εργαστεί σε μεγάλα τουριστικά γραφεία του εσωτερικού, και σε πολυεθνικές σε Ελλάδα και Εξωτερικό, στο χώρο των φαρμάκων, των ιατρικών μηχανημάτων και των FMCG’s. Από το 2001 είναι ελεύθερος επαγγελματίας, με δραστηριότητα στην διαχείριση προορισμού, τον θεματικό τουρισμό και τις ειδικές ενέργειες marketing. Είναι παντρεμένος και πατέρας δυο παιδιών, διδάσκει ειδικά θέματα εξωτερικού εμπορίου και κοινωνικής δικτύωσης, σε επιχειρήσεις και οργανισμούς. Ασχολείται ενεργά με το διαδίκτυο από το 1993 με άμεση εμπλοκή στα κοινωνικά δίκτυα και στο «ιστολογείν». Φανατικός ταξιδευτής, ερασιτέχνης φωτογράφος, μαχόμενος αγνωστικός και φιλελεύθερος. Όραμά του μια Ευρωπαϊκή Ελλάδα. https://brexians.wordpress.com
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