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Bolivarian Republic of Venezuela

Bolivarian Republic of Venezuela. Capital: Caracas Area: 912,050 sq km (Illinois 143,987 sq km). People. Population:26,023,528 Population Density: 30 per sq km Pop. Growth Rate: 1.486% Net Migration Rate: -1.28 migrants/1000 population

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Bolivarian Republic of Venezuela

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  1. Bolivarian Republic of Venezuela Capital: Caracas Area: 912,050 sq km (Illinois 143,987 sq km)

  2. People • Population:26,023,528 • Population Density: 30 per sq km • Pop. Growth Rate: 1.486% • Net Migration Rate: -1.28 migrants/1000 population • Life Expectancy: Total population: 73.28 years male: 70.24 years female: 76.48 years • Ethnic Groups: 68% Mestizo, 21 % white, 10% African, 1% Native American

  3. Economy • GDP (PPP): $176.4 billion • GDP (official exchange rate):$147.9 billion • GDP per capita (PPP): $6,900 • GDP Growth Rate: 8.8% • GDP by sector: Agriculture:3.7% Industry: 41% Services:55.3% • Inflation Rate (CPI): 15.8% • Unemployment Rate: 8.9%

  4. Government • Government Budget: Revenue: $52.24 billion Expenditure: $52.9 billion Balance:-660 million • Public Debt: 28.4% of GDP • Current Account Balance: $31.82 billion surplus

  5. Free Trade Agreements • Recently joined Mercosur • April of 2006 left Andean Community in protest • Opposes FTAA

  6. Fiscal Policy • High spending • Foreign Debt is managed well • Internal Debt is high, however • Revenue highly dependent on oil (to balance budget needs an oil price of $60/barrel) • Nationalization of telecommunications, oil

  7. Monetary and Exchange Rate Policy • High persistent inflation •  Chavez threatening Central Bank independence • Fixed Exchange rate

  8. Social Policies • Highest minimum monthly salary in South America ($285/month) • Reduced work day from 8 to 6 hours, in order to reduce unemployment • Threatened nationalization of private hospitals due to high prices • Chavez halted plans to privatize social security

  9. External Relations • Very bad relationship with the United States • Desires to leave World Bank and IMF • Subsidies to some nations, Argentina and Cuba • “Bolivarian Alternative for the Americas”

  10. Sources • (05/15/2007). Retrieved May 21, 2007, from CIA- The World Fact Book Web site: https://www.cia.gov/library/publications/the-world-factbook/geos/ve.html • Retrieved May 21, 2007, from Background Notes-U.S. Department of State Web site: http://www.state.gov/r/pa/ei/bgn/35766.htm • (2005).Uncle Sam visits his restive neighbours. Economist. 377, 41-42. • Venezuelan economy grows; oil sector shrinks. (2007, May 16). Latinnews Daily. • Robinson West, J (2007, May 14). The production crunch; Chavez style oil nationalism is endangering world economic growth. Newsweek. • Buncombe, A Chavez pulls out of IMF and World Bank. (2007 May 2). The Independent. • Chavez's bankrupt path. (2007, January 10). The Globe and Mail, p. A18. • (2006).Pico Sour. Economist. 380, 30. • (2004).What revolution?. Economist. 372, 33-34. • (2004).Smash and grab. Economist. 370, 31. • (2000).Venezuela on a gusher. Economist. 356, 37-38. • Retrieved May 21, 2007, from World Development Indicators Web site: http://ddp-ext.worldbank.org/ext/DDPQQ/report.do?method=showReport

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