Category Archives: Economic Situation

Venezuela Faces Continued Dire Economic Crisis

While much of the world has felt the impact of the drop in oil prices, one country that is struggling more than most is Venezuela. According to an article written by CBC News (http://www.cbc.ca/news/world/venezuela-energy-economy-political-crisis-1.3555192), Venezuela is facing a major crisis and is at risk of unraveling completely.
The country has faced many issues over the past few years including the oil decline, a major drought, and political turmoil to name a few says Jose Manuel Gonzalez. The country’s economy is now showing signs of cracking. Over the past year inflation has grown over 700 percent and the GDP has declined by more than 10 percent. This has made it practically impossible for the average consumer to purchase every day basic goods and services.

To help control the crisis, the country has taken some drastic steps to reduce the impact of the current economic situation. The country has begun to eliminate some services in the country, which they no longer consider necessary added Gonzalez. For example, citizens of Venezuela are no longer able to access cable television and the rations of water and energy have been reduced. This has obviously come with a lot of backlash and many people in Venezuela are very angry and frustrated as living conditions in the country seem to continue to worsen.