B.R. 101: Another Economic Mystery brought to you by……

August 23, 2002

B.R. 101: Another Economic Mystery brought to you by……


The <A href=”>Venezuelan economy shrank by 9.9% in the second quarter, after shrinking 4.1% in the first quarter to give a combined record of 7.1% the largest such contraction for one quarter in the country’s history. Isn’t this the definition of a depression? Or is that just the way I feel? Way to go Hugo Chavez!!


The Government blames the strike in April for this, but the economy had shrunk 4.1% in the first quarter before there was a strike. Remarkably, oil prices have been at extremely high levels all year long and are today at almost the highest historical levels. What can you expect from a Government that misplaces US$ 2.3 billion (or is it more?).

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