Amid falling oil prices in a worsening economy and an “economic war” being waged by the private sector against the government, Venezuela’s United Socialist Party loses the National Assembly elections.
It was always going to be an uphill fight for the ruling United Socialist Party of Venezuela (PSUV) in the National Assembly elections held on December 6. With oil prices hitting a historical low in recent years, the oil-dependent economy of the country has not been in a healthy state. Oil accounts for 96 per cent of the country’s export earnings. With the price of oil sliding from $108 a barrel in June 2014 to under $30 a barrel now, Venezuela’s oil income has more than halved in the past two years.
Under the leadership of President Hugo Chavez, the state had introduced ambitious welfare schemes. When the oil revenue was high, the PSUV could implement its socialist agenda, which included free health care and education for the poor. The drying up of revenues led to shortages of essential items. Venezuela imports 70 per cent of the essential food items it needs. Inflation has been high, hitting triple digits. The private sector, never friendly to the government, has resorted to mass layoffs and is manipulating currency controls. The government accused the business sector of carrying out “economic warfare”, including manipulation of the prices of basic necessities. The “economic war” has also resulted in the enrichment of the tiny elite while pushing more and more Venezuelans below the poverty line. In the first quarter of 2015, profits of private sector banks in the country soared by 72 per cent. The private sector in Venezuela continues to occupy the commanding heights of the economy. The media controlled by big business have also been playing a key role in vilifying the government.
SHORTAGE OF ESSENTIAL GOODS
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