{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

venezuela-globalism - overall unemployment rate 11.8 an...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
May 20, 2007 Like many other developing nations, Venezuela experiences fluctuations in its economy as a result of economic slumps. However, its dependent on a single export such as petroleum makes it extremely dependent on the economic prosperity of other nations and their consumer trends in relation to purchasing oil. As a result of high oil prices, Venezuela benefits from an enormous flow of capital into the country, which seems to only be increasing as oil prices continue to rise. Among the many benefits of the money received, two economic barometers, which generally indicate how an economy is doing, continue to grow and decrease respectively. These two vital statistics are Venezuela’s GDP and its unemployment rate. According to Venezuela’s National Institute of Statistics, the country experienced a 3.7% drop in unemployment between the 2004-2005 fiscal years. This made the country’s
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: overall unemployment rate 11.8%, an all-time low for the country, which has the lowest unemployment rate in South America. In addition, Venezuela’s GDP grew by 17.9% in 2004 and 7.9% the first quarter of 2005. Although these levels are the same as they were in 2002, the country experienced a coup, and in turn had somewhat of an economic recession. If Venezuela didn’t have such large ties with the global economy, current high oil prices would have a significantly smaller impact on its overall economic well-being. However, as a result of strong government spending due to large amounts of capital intake coming from petroleum exports, the country continues its development and is coming even closer to becoming an industrialized nation....
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern