The prolonged drought that is crippling Venezuela economically is fostering political discontent and civil unrest. Venezuela, a nation dependent on petroleum, is being decimated by the free fall plunge of market prices in the past year. Decreasing water levels in the dam reservoirs makes hydro-electric power generation impractical and has forced the government to institute rolling blackouts, to conserve energy.
With rolling blackouts scheduled throughout the country, the economy is showing signs of buckling. The International Monetary Fund forecasts the Venezuelan economy to contract 10% and inflation to escalate to a staggering 720%. Civil chaos is increasing as food and essential medical supplies and pharmaceutical drugs are becoming limited in availability. …show more content…
Caracas, the nation’s capital has been exempt from the rolling blackouts, which has sparked demonstrations, and looting throughout Venezuela. Civilians say such preferential treatment as unfair and have taken to demonstrating, looting, and property destruction.
Couple the economic and energy debacle with an ongoing political crisis, with President Nicolás Maduro's administration, has citizens calling for his ouster. The successor to successor to Hugo Chavez, Maduro has struggled with opposition forces. that are seeking a more capitalist form of government. Economics professor Juan Nagel commented, "Venezuela could now be on the brink of unravelling any of the social progress that was
With rolling blackouts scheduled throughout the country, the economy is showing signs of buckling. The International Monetary Fund forecasts the Venezuelan economy to contract 10% and inflation to escalate to a staggering 720%. Civil chaos is increasing as food and essential medical supplies and pharmaceutical drugs are becoming limited in availability. …show more content…
Caracas, the nation’s capital has been exempt from the rolling blackouts, which has sparked demonstrations, and looting throughout Venezuela. Civilians say such preferential treatment as unfair and have taken to demonstrating, looting, and property destruction.
Couple the economic and energy debacle with an ongoing political crisis, with President Nicolás Maduro's administration, has citizens calling for his ouster. The successor to successor to Hugo Chavez, Maduro has struggled with opposition forces. that are seeking a more capitalist form of government. Economics professor Juan Nagel commented, "Venezuela could now be on the brink of unravelling any of the social progress that was