Summary

The Venezuelan economy is now officially in recession after the central bank released figures showing that it has been shrinking all year. President Nicolas Maduro explained factor of recession and future prospects. He said that political instability and falling oil prices affected economy of Venezuela. He also said his countries was suffering the consequences of an economic war launched by US President Barack Obama “to destroy” the oil producers’ cartel, OPEC. However, he think the crisis as a great opportunity for Venezuela to change its economic model.

Opinion

Venezuela is one of the developing countries. The Venezuelan economy depends on oil exports. Some people accuse that decline of economy is caused by the socialist policies of Mr. Maduo and his late predecessor, Hugo Chavez. I think that exchange control policy and seizure of the product by Mr. Maduro.is the forcible policy. A lot of people in Venezuela are troubled his policy. But he insists his policy is for his country. Venezuela needs to change the economic policy. To become a developing country, he should governs more democratic. In addition, He should support the companies of various fields as well as oil companies. A shortage of many staples, such as corn oil and milk, is very seriously. It is important whether most nations can obtain daily necessaries. First of all, he should do a policy to do their daily lives wealthily. It must lead to recovery of the Venezuela economy. I hope that the nation in Venezuela can live without troubles of lives.