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Andean Group - May 2012 (ISSN 1741-4466)
VENEZUELA: The multiplier effect
Venezuela rarely fails to boom at election time. In the last presidential election year (2006), real annual GDP growth was 9.8%. The government led by President Hugo Chávez has taken full advantage of the international oil price boom since 2004 to aggressively pump prime domestic demand as and when it suits. Bar 2009 and 2010, when the heavily Dutch Diseased economy crashed on the back of the global financial crisis, real growth has averaged 9.5% a year. Putting Revolutionary politics aside, on that economic performance alone, electoral success has been a cinch for President Hugo Chávez and his radical left-wing ruling Partido Unido Socialista de Venezuela (PSUV).
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