IMMINENT THREAT POSED BY ECONOMIC RECESSION TO PRESIDENT MADURO, IN VENEZUELA


09/07/2017




Mustafa AY – TDO – 08.07.2017- From 2003 to 2013, when Chavez was in charge of presidency, Venezuela made remarkable economic progress.  With confiscation of the country’s oil refineries in 2003, Venezuela commenced to exhibit the characteristics of social state. Venezuela under Chavez administration accomplished alleviating the severity of economic bankruptcy inherited by his predecessors. In detail, he managed to double Venezuela’s GDP by around 95%. Through this economic feat. He outstandingly managed to diminish the level of poverty and famine from 55% (in 2003) to 26% (in 2012). When it comes to the question how he succeeded in his bids, the answer is simple. That is confiscated oil refineries revenues. Chavez’ era went through 100$ per barrel of oil. With acquisition of billions of dollar’s revenue, Chavez allocated the revenues to the social welfare programme and economic growth. To elaborate:

  1. Enormous growth achieved in private sector,
  2. Unemployment rate diminished from 11,5% to 7,8%,
  3. Healthcare reforms with the aim of public access to free healthcare services,
  4. Enrollment at higher education doubled
  5. External debt decreased from GDP’s 25,6% to 9,8%,
  6. Public debt decreased from GDP’s 30% to 14,3%

Today, Maduro administration, after Chaves’s death in 2013, has been subjected to the unanimous decision of OPEC on the oil prices to be 50$ per barrel. This decision triggered the economic recessionary period in Venezuela. Today, Venezuela is confronting with 400% hyper-inflation emanating from that Venezuela based its economy on the revenues from export of oil. This inflation rate has a huge effect on Venezuelan citizens’ purchasing power. Because of this economic situation, Maduro administration have no option other than getting loans from abroad which created 150 billion $ today. This external debt Mauron administration assumed seems like that Venezuela will be most likely coerce Venezuelan government to privatize its public assets.

President Maduro seeks way to make huge amendments on the constitution and structure of the assembly. Because Venezuela is now experiencing formidable internal conflict to cope with. As a result of this unfortunate happenings in the country, there are international concerns about the domestic conflict, such as from Argentina and Chile. Nevertheless, according to President Nicolas Maduro, he considers their purposes as an attempt at infiltration to country’s internal affairs. As opposed to those liberal neighboring countries, his allies like Bolivia and Cuba expressed their endorsement to Venezuela. Especially Bolivian leader, Evo Morales, stated that “Venezuela is the only legitimate authority to make essential decisions for country affairs, which cannot have given by other countries. So, it is not right for others to intervene into the domestic affairs of Venezuela.”.

Maduro administration is exposed to experiencing worst economic crisis throughout the history of Venezuela.  For this reason, Venezuela confronts with many outrageous demonstrations across the country. The aim of protests is to force Maduro to resign his duty. However, opponents of Maduro encountered harsh reaction from his red-hot proponents. The Maduro supporters are supporting their leaders because of that “US government is leading these protests and aim carries the importance of overthrowing Maduro regime”, Maduro supporters believe so. However, they are not the only parties crushing each other. There is a forgotten part which is many army rebels. As many Venezuelans reports, rebel helicopters have just dropped bombs on Supreme Court buildings, after 28 June when army aircrafts allegedly hit interior ministry. Therefore, the aggravating developments in Venezuela make people assume that there would be civil war between radical supporters of Maduro and army rebels, if coup attempt reports by civilians come to true.

 


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