It's has bounced between 20 and 40% his entire time as president. It has no direction.
And I'm not holding water for any previous Venezuelan president, just pointing out to you that your rosy glasses view of the Venezuelan economy is flawed.
I don't have a rosy view of the Venezuelan economy, all I said is Chavez has made it better for the majority of Venezuelans.
Growing scarcity of commodities and/or a growing supply in currency leads to inflation. Economic growth is neither of those. In the case of Venezuela it's been a combination of the two.
There is no evidence that an increase in currency leads to inflation, what would lead to inflation is large amounts of people with disposable income entering the market (increased demand), and without supply matching it, which is economic growth. If more of the profits of industry go to the lower/working classes, if industry doesn't increase production as fast as the wages increase you'll have inflation, but that doesn't mean that it undoes the increase in living standards.
I never said it wasn't. But if you want to claim economic success under CHavez you have to actually show it. The GNI versus GDP comparison in combination with the inflation doesn't paint the picture of a healthy economy. The only real source of economic advancement in Venezuela has come from the oil industry.
In fact, the primary reason that the GNI really rose in 2003 was because that was the year when the oil industry was finally nationalized and it's profits were counted in GNI.
I show it with the vast decrease in poverty, and deep poverty, also I've shown graphs showing that the economic advancement is across industries, manufacuring has gone up, commerce has gone up and so on.
That GNI vrs GDP argument is a weak one, if a vast amount of your capital and labor power goes into oil and the profits of that go to foreign corporations that is gonna be a major hit to your economy.
Care to provide a readable graph? And yes, as I said, the
GNI was stagnant/declining under Chavez until 2003. When he nationalized the oil industry the GNI started counting all of it's profits towards GNI, AND the cost of crude also sky rocketed.
The GNI goes up from 1996-2001, drop, then go up again 2003, in that time you had a coup attempt and a giant strike ... That isn't the result of policy.
US poverty rates are inflation adjusted, but there is no set definition from country to country for the "poverty line".... so what was Venezuela's criteria? Please provide citation.
They use the same criterion as the US. (Center for economic research)
The Chávez Administration at 10 Years: The Economy and Social Indicators | Reports
Err, yes, if GDP gros, as well as living standards, and poverty rates drop, those are growth dispite inflation.
Because Chavez said so? I know that seems to be enough for you, but not for me.
I never appealed to Chavez, these numbers are pretty well attested ... it's funny that the only solution is that somehow Chavez is fudging the numbers set by international economists ....
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Really? Page 13. Go there. Post is by Harshaw.
Yeah, I read those, not really a reputable source,
Hah, "the media all ran the story but nobody thought it was reputable!" .... I see a flaw in your reasoning....
Did you look at the source? Did you check, that it was just one guy, without qualifications, that is really nothing more than an anti-leftist crusaider? Look at the source.