Forum Post: Chavez's 'reverse miracle' with Venezuela's economy
Posted 13 years ago on Oct. 19, 2011, 11:05 a.m. EST by darrenlobo
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What Chavez has done in Venezuela over the last 12 years is nothing short of an economic miracle: Despite benefiting from the biggest oil boom in Venezuela's history, he has somehow managed to turn the country into a shambles.
Venezuela has one of the highest inflation rates in Latin America, one of the lowest economic growth rates in the region, daily electricity blackouts, food shortages, and unprecedented crime rates. What's even more amazing for one of the world's biggest oil producers, Electric Energy Minister Ali Rodriguez announced June 15 that Venezuela had started importing electricity from Colombia to restore power to various parts of the country.
Update on a socialist success story:
Venezuela squandered oil riches, now faces default