Stylized facts of economic growth in Venezuela

Abstract:

The main objective of this article is to understand the behavior of economic growth in Venezuela for the 2000-2010 period through description of the variations and fluctuations in gross domestic product (GDP) as a macroeconomic indicator and vital objective in economic policy. The research approach was descriptive, reviewing documentary sources whose authoritative and reliable annual data reflect the percentage change in GDP. Finally, conclusions were that the unstable variants and levels of economic growth in recent years were generally influenced by government spending and public borrowing sponsored and financed by high oil revenues. The Venezuelan economy is characterized by a productive sector "strangled" during the last five years of the period under study. GDP presented a decreasing tendency with a strong economic and social crisis generated by the slowdown in economic growth. In short, the economy failed to address and eradicate maj or social problems in the Venezuelan economy such as poverty, inflation, unemployment, among others. Many of these difficulties have a direct, proportionate effect on welfare and thus, on human development. Conclusions are that the economic benefits of good times do not translate into significant improvements in the quality of life.

Año de publicación:

2014

Keywords:

• Gross domestic product
• Economic Policy
• economic growth
• VENEZUELA

Fuente:

scopus