Delayed economic steps lead to inflation, shortage in Venezuela
US dollar sale has slipped from USD 140 million to USD 80 million per day
Without delving into the contents or dates, the senior official just stated that the economic steps will focus on the budget, the handling of gold reserves, control of speculation and resources for housing program Great Mission Housing Venezuela. He added that the economic measures are intended to stimulate exports, as well.
Although the Venezuelan Government was closed to reach its goals in 2012 in terms of economic growth and inflation, it faces a fiscal gap and problems in goods supply. Failure to deal promptly with such imbalances has resulted in high prices and shortage early in January 2013.
Economist Asdrúbal Oliveros has indicated that delays to make economic decisions are expressed in the respective indicators, for instance, growing inflation which stood at 3.5 in December 2012. Moreover, shortage was reported at 16.2% last December and continues escalating.
Oliveros added that there have been different reports concerning the sale of US dollars, which slipped from USD 140 million early in 2012 to USD 80 million by the end of the year.
Translated by Jhean Cabrera
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.