Venezuela's economic environment Research Paper

Venezuelas economic environment - Research Paper ExampleThis means that the country has a great share in the geopolitical structure of the world.Venezuela, at 2013, is the worlds 34th largest frugality with a GDP of $ 407.4 billion (Central Intelligence Agency 1). It experienced a growth step of 1.6 percentage, which is attributed to a slow and unstable recovery from the 2008s world recession. In 2012, it experienced a growth rate of 5.6 percent. Besides, it has Per Capita GDP of $ 13, 600. This is the worlds 99th largest PPP. Oil forms a major part of Venezuelan economy since it contributes 96 percent of its export earnings, 12 percent of its GDP, and 45 percent of its annual budget. Manufacturing forms a huge percent of Venezuelans economy as the country exports steel, cement, and aluminum. The industry sector contributes 35.5% of the countrys GDP. agribusiness forms a mere 3.7 percent of the economy suggesting that the sector is underdeveloped. Although it exports agricultural products such as fish, the country imports two-thirds of its diet supplies. The services sector is occupies the largest part of the GDP, 60.8 % thereby employing 70.9 percent of the Venezuelan population.In terms of economic exemption index, the country has a score of 36.3 thereby making it a repressed economy. This means that there is throttle individual freedom and liberty as pertains to investment and economic prosperity. The government has a big venture in economic activities, which in turn limits innovation and individual economic prosperity. It is essential, however, to note that Hugo Chavez, the former president, nationalized the anoint industry in order to prevent conflicts and eliminate corruption. Venezuela experiences significant economic problems that correspond with state restrain of economic activities. Venezuela has a corruption index of 20 and ranks 166th in the world. This also