Posts in Category: Economic News

Venezuela Continues to See Turmoil

Venezuela Still Plagued by Serious Economic Issues
It can be safely said that Venezuela is not a nice place to be at this point in time.

That’s because the country is undergoing a series of strifes and struggles, ranging from rises in crime to turmoil in the government. Recently as predicted by David Osio, the Venezuelan economy has suffered a massive hit, as its oil industry saw a serious drop in the profit made over the last year, some $25 billion in revenue to be exact. Since the country’s economy depends a lot on the oil industry, the drop in prices has led to other companies cutting off services such as communications to save money.

But the hit to the economy has branched out in other ways now, leading to serious power and water shortages to many civilians, and even some health issues due to an increase in “calima,” which according to Osio is a rare naturally-occurring smog that mixes with ash and dust at this time of year. Since March, close to four thousand cases of respiratory illness have been reported to Caracas and directly or indirectly linked to the calima.

Even worse is that many of the water trucks being sent out to manage the problem never make it due to being rerouted anywhere else.