Thursday, June 4, 2015

Food Shortages in Venezuela, In Context.

Food Shortages in Venezuela, In Context. 

     Food shortages in Venezuela were reported this week and consumers are said to be faced with limited options when buying groceries or consumer durables.
     Oil production has risen in order to account for the drop in oil prices, and as such measures have been taken to increase capacity in Venezuela's distribution network. Russia has interceded with liquid as well as human capital.
     Leopoldo Lopez, a Harvard-educated political reformer, began a hunger strike and called for Venezuelans across the country to march peacefully through the streets. On May 31, several thousand people successfully turned out to protest the internment of political prisoners.
     Venezuela's economy has shifted away from the $USD in recent decades. Although its GDP and population have grown roughly alongside that of other South American countries, its currency has devalued by almost 800%. In 2000, the exchange rate of Bolivars:USD was .7:1. In 2013, the ratio climbed to 6:1.
     Venezuela is a member of OPEC and it is South America's fifth biggest economy.

[Food Shortages in Venezuela, In Context. 4,6. 2015. Welles.]

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