Bonia Report

VENEZUELA AND CHAVEZ: A GENERAL PICTURE OF THE TIMES The Venezuelan Economy The Venezuelan preservation is regarded as among the strongest in its region, Latin America, intimatelyly attributable to is ¡§ really solid democratic system of government and a participating market representing a truly guarantee for national and distant investments¡¨ (Venezuelan Embassy, n.d.). The strength of the saving is largely based on the commodious participation of various players and the structure of goods and services. The structure of the Venezuelan thrift is based on two concepts. First, it is a mixed economy with extensive public and private participation. Second, it is divided into two primary(prenominal) components: the oil economy, oriented towards tradeing, and the internal economy, where most of the country¡¦s goods and services are produced and consumed. Non-oil stinting activity will be concentrated in agriculture and effort, which are the two sectors most seriously affected by import competition (Venezuelan Embassy, n.d.) Predominantly, the Venezuelan Economy is largely dependent on its oil industry. Fittingly, www.sourcewatch.org asserts that the Venezuela¡¦s oil industry is ¡§the uncontested fuel of Venezuela¡¦s economic engine.

¡¨ Venezuela does not merely rely on its oil industryto boost its Gross Domestic Product (GDP); the industry is overly the main contributor to the revenues of the government. The World Fact Book of the fundamental Intelligence Agency asserts that industry ¡§accounts for roughly 90% of export earnings, more than 50% of the federal budget revenues and around 30% of GDP.¡¨ The Seat of Presidency Venezuela follows the Presidential arrive at of government with the president cosmos elected as both the laissez passer of state and the head of government. The executive power of the state lies in the Office of the President. The Venezuelan President has the authority not only to appoint persons who would form part of the cabinet, but at the same time to go under on its composition and size...

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