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Economy & Business - October 2007 (ISSN 1741-4431)

VENEZUELA: Cautious budget

The general belief among independent economists is that the economy will have a rougher time in 2008 than it has for some time, even if the oil price remains strong. The orthodox view is that excessive public spending, capital flight and lack of foreign investment plus high inflation will bring the growth rate down from the 10% plus rates of the past three years. Our view is that the Chávez government's economic management is much more cautious and subtle than his bellicose, anti-US rhetoric would suggest.

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