Venezuela: The world's worst-performing economy - Counting the Cost
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With hyperinflation so severe that people have to carry backpacks stuffed with cash to the local supermarket, it's no surprise that Venezuela - a country which is in its worst shape since World War II - is the world's worst-performing economy. Across the oil-rich South American country, chronic power outages, crumbling infrastructure and severe shortages of basic goods have led the army and police to guard food supplies. Less than three years after the death of the charismatic and larger-than-life Hugo Chavez, the hugely popular leader's Bolivarian Revolution is being blamed for failing Venezuela. But how did the country get itself into this mess? With oil accounting for 95 percent of Venezuela's export earnings, plummeting world prices have sent the economy reeling towards collapse. Home to the world's largest inflation rate, the IMF expects inflation to blow past 700 percent this year. And just last week, President Nicolas Maduro, Chavez's successor, was forced to make the controversial decision of raising fuel prices - by a whopping 6,000 percent. And with fears growing that Venezuela won't be able to afford its debt repayments, the situation could get even worse. Patrick Duddy, the director of the Center for Latin American and Caribbean Studies at Duke University and a former US ambassador to Venezuela joins Counting the Cost to discuss how Venezuela fell into this extraordinary mess. Nigeria's changing fortunes Nigeria is struggling to leverage the country's vast oil wealth with low oil prices taking a heavy toll on its finances. The world's eighth-largest oil exporter with almost 90 percent of its export earnings tied to oil, President Muhammadu Buhari has faced a tough first year in office. Since entering office in April, Buhari has seen Nigeria's total debt rise to $65.4bn, the currency collapse to record lows, and inflation rise to 9.6 percent - the highest level since 2012. Dr Amy Jadesimi, the managing director of the Nigerian oil services group LADOL, discusses Nigeria's lack of diversification and high dependence on crude oil. - Subscribe to our channel: http://bit.ly/AJSubscribe - Follow us on Twitter: https://twitter.com/AJEnglish - Find us on Facebook: https://www.facebook.com/aljazeera - Check our website: http://www.aljazeera.com/
Comments
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"BUT MUH CAPITALISM!"
Only the brain-dead view the sole cause of Venezuela's ills as 'socialism'. Bernie's social democratic vision for America won't turn it into Venezuela, because the US economy and Venezuela's are nothing alike. Shame none of the lemmings of the neo-liberal project get that. Simple ideas work best on simple minds, it seems. -
"BUT MUH CAPITALISM!"
Only the brain-dead view the sole cause of Venezuela's ills as 'socialism'. Bernie's social democratic vision for America won't turn it into Venezuela, because the US economy are nothing alike. Shame none of the lemmings of the neo-liberal project get that. Simple ideas work best on simple minds, it seems. -
I just bet the Maduro EATS GOOD.
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at least Venezuela still has the most beautiful men ans women in the world...
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Price controls and currency controls are the causes of their problems, rooted in the demonic marxist doctrine Chavez and Maduro believe in.
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Another socialist paradise.
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Chavez-Maduro communist government take lands from farmers and give them to revolutionary people who don't know about agronomy, socialism and revolution suck! CDTM!!!
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The report misses the key point in Venezuela's problems - socialism.
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Are family goes on mission trips to Venezuela towards the end of July every year, and it's really sad how not much money a lot of people there don't have. We had to even bring toilet paper to give to our translator and her husbands house because they couldn't pay for much of it. But I am believing that God will heal them in these hard times for them.
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Worst performing economy is an economy that produces unemployed and homeless.....wake up!
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Borat is narrating this story
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A lot of fat people starving
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there is one important thing in my country's policies Venezuela. that this ain't socialism or communism. this government they are just a bunch of robbers that steals all the money that the country produces.
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Wow! Getting closer to become another North Korea.
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Hillary's America 2020
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Pinochet for Venezuela 2016! Ethnically cleanse leftist for a better tomorrow!
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终于肯种
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13:55 I hear a lot of talk about the market "rebalancing" or recovering. It's doing exactly what it's supposed to. Clearly more than enough money was made on oil, enough to fund entire countries and the richest cities in the world (Dubai). It's a shame that some nations were foolish and put all their eggs in one basket. Nigeria will recover, Venezuela will not for quite some time (especially since their brain drain under Chavez). But the rest of the world can become more efficient and sustainable if oil prices are kept the way they are.
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Yet the president is lying that he's struggling himself....
The president of Venezuela has lots of money that he's hiding in offshore accounts. -
There you go Sanders supporters. How does that Bern feel? Oh wait, why don't we ask the people of Venezuela?
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