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Venezuela recovery plans

Introduction

Over a period of years, the Venezuelan economy has suffered a unique and catastrophic downturn. Its difficulties, already manifest in the 1980s and earlier, became more acute with the advent of the “Bolivarian revolution” governments which have held office since 1999. These were formed by various left-wing parties and military factions that coalesced into the United Socialist Party of Venezuela (Partido Socialista Unido de Venezuela – PSUV). Army commander Hugo Chávez was the founder of the movement. After winning democratic elections he took office in early 1999. Despite his initial popularity, and some years of strong economic growth and significant income redistribution (particularly in 2004-2008) Chávez displayed increasingly authoritarian tendencies and reckless economic management. Following his death from cancer in 2013 he was succeeded by Nicolás Maduro who tightened the PSUV’s political grip on the country and presided over one of the worst economic collapses experienced anywhere in the world, outside of a war zone, in the last 75 years.

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