Venezuela with the worst business climate in the region

Venezuela's business climate is the worst in Latin America, according to a joint report produced by Brazilian Getulio Vargas Foundation and the University of Munich.

In the so-called Economic Climate Indicator of Latin America in January, Venezuela reached 1.5 points, way below the region's average (5.5 points) and that of Paraguay and Peru, 7 points.

Venezuela's indicator implies a setback with respect to the third quarter of 2012, when the country obtained 3.4 points.

Unlike Venezuela, the region's reported average (5.5 points) by January is the best in the last 18 months, except for Ecuador and Bolivia, whose business climates are similar to that of Venezuela.

Venezuela's economy has been mainly characterized in recent years by the implementation of different controls in the private sector. Obstacles such as difficulties to buy US dollars, price regulations on food and other products, as well as expropriations in different areas are just some of the aspects undermining the country's business climate.