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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....
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This note was uploaded on 04/03/2008 for the course ECON 151 taught by Professor Harris during the Fall '07 term at University of Delaware.
- Fall '07