Authors:
José Alberto López Rafaschieri and Luis Alberto López Rafaschieri
www.morochos.net
According to the Central Bank of Venezuela, the country's economy shrank -5.8% in the last quarter of last year. We cannot ignore that the electricity crisis got out the government's control in the same period, so it certainly was in part responsible for this GDP contraction that was worse than the previous quarter.
Electricity is rationed for more than three hours daily in several cities of Venezuela. In others, the service is interrupted every time or there are penalties for those who consume more than the quota determined by the government. This has led the public administration and many industries to work half time, and to the lost of equipment/merchandise in a lot of business, which ultimately has caused an intermittent national stoppage.
Venezuela has three quarters of negative economic growth, of which the last record was the worst of the past six years. This shows that as the planet moves toward the recovery from the global financial crisis of 2008, the Venezuelan economy is sinking because of Chavez's bad policies, among which is notably the lack of planning and investment in the electricity sector.
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