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Student Edition: Weekly Report - 17 October 2019
VENEZUELA: Minimum wage hike drives inflation
The de facto government led by Nicolás Maduro has decreed yet another huge increase in the minimum wage in Venezuela. The measure will only further feed the hyperinflation that has been decimating Venezuela’s domestic economy for several years and resulted in a dramatic fall in living standards. The political opposition decried the move as another example of the failed economic policies pursued by the Partido Socialista Unido de Venezuela (PSUV) administration. But the opposition remains powerless to stop the government from implementing harmful economic policies that further entrench Venezuela’s economic problems.
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