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Originally Posted by Napoleon's Nightingale Their public debt was 38.8% of GDP in 2004 and 34.2% of GDP in 2005. That is a decline. |
Yes, during the past 18-24 months, Venezuela has benefitted greatly from the oil boom. However, this is an anomaly and completely unattributable to Chavez's policies.
Infinitely more important than that minor downtick are these key facts:
Unemployment rate: 12.2%
Inflation Rate: 16%
revenues: $39.63 billion
expenditures: $41.27 billion
With a GDP of $106 billion, if you're adding 2% of your GDP to your debt even in your biggest economic boom in decades, that's a serious, serious problem.
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