Bolivarian Republic of Venezuela

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Bolivarian Republic of Venezuela

• Capital Caracas
• Area 912,050 sq km (Illinois 143,987 sq km)

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People

• Population26,023,528
• Population Density 30 per sq km
• Pop. Growth Rate 1.486
• Net Migration Rate -1.28 migrants/1000
  population
• Life Expectancy Total population 73.28 years
  male 70.24 years female 76.48 years
• Ethnic Groups 68 Mestizo, 21 white, 10
  African, 1 Native American

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Economy

• GDP (PPP) 176.4 billion
• GDP (official exchange rate)147.9 billion
• GDP per capita (PPP) 6,900
• GDP Growth Rate 8.8
• GDP by sector Agriculture3.7
• Industry 41
• Services55.3
• Inflation Rate (CPI) 15.8
• Unemployment Rate 8.9

4
Government

• Government Budget
• Revenue 52.24 billion
• Expenditure 52.9 billion
• Balance -660 million
• Public Debt 28.4 of GDP
• Current Account Balance 31.82 billion
  surplus

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Free Trade Agreements

• Recently joined Mercosur
• April of 2006 left Andean Community in protest
• Opposes FTAA

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Fiscal Policy

• High spending
• Foreign Debt is managed well
• Internal Debt is high, however
• Revenue highly dependent on oil (to balance
  budget needs an oil price of 60/barrel)
• Nationalization of telecommunications, oil

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Monetary and Exchange Rate Policy

• High persistent inflation
•  Chavez threatening Central Bank independence
• Fixed Exchange rate

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Social Policies

• Highest minimum monthly salary in South America
  (285/month)
• Reduced work day from 8 to 6 hours, in order to
  reduce unemployment
• Threatened nationalization of private hospitals
  due to high prices
• Chavez halted plans to privatize social security

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External Relations

• Very bad relationship with the United States
• Desires to leave World Bank and IMF
• Subsidies to some nations, Argentina and Cuba
• Bolivarian Alternative for the Americas

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Sources

• (05/15/2007). Retrieved May 21, 2007, from CIA-
  The World Fact Book Web site https//www.cia.gov/
  library/publications/the-world-factbook/geos/ve.ht
  ml
• Retrieved May 21, 2007, from Background
  Notes-U.S. Department of State Web site
  http//www.state.gov/r/pa/ei/bgn/35766.htm
• (2005).Uncle Sam visits his restive neighbours.
  Economist. 377, 41-42.
• Venezuelan economy grows oil sector shrinks.
  (2007, May 16). Latinnews Daily.
• Robinson West, J (2007, May 14). The production
  crunch Chavez style oil nationalism is
  endangering world economic growth. Newsweek.
• Buncombe, A Chavez pulls out of IMF and World
  Bank. (2007 May 2). The Independent.
• Chavez's bankrupt path. (2007, January 10). The
  Globe and Mail, p. A18.
• (2006).Pico Sour. Economist. 380, 30.
• (2004).What revolution?. Economist. 372, 33-34.
• (2004).Smash and grab. Economist. 370, 31.
• (2000).Venezuela on a gusher. Economist. 356,
  37-38.
• Retrieved May 21, 2007, from World Development
  Indicators Web site http//ddp-ext.worldbank.org/
  ext/DDPQQ/report.do?methodshowReport

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