Hugo Chavez was first elected by the Venezuelans in 1998, with the hope that he will turn out to be the healer of the nation. In its place, the nation received an oppressor who detained personal farms and businesses, harassed the opponents in politics and crushed the unions of the labor. Presently after the happenings of the Bolivarian Revolution, hundreds of thousands of the statesmen have had enough of him, ever since he became the Head of the state, and they have fled out to countries that offer better opportunities. The country's future is being sabotaged by the Exodus, and the way the 0Venezuela's oil industry has been hit, no other industry has been that hard. A decade ago, Petróleos de Venezuela (PDVSA) stated among super top five energy firms globally.
Table of Contents
The desperate measures of Hugo Chavez destroyed the economy5
Gross domestic product5
The floating exchange rate5
The investment, domestic and foreign5
The government confiscation of private firms6
Economy Monthly / September 20106
The food supply6
The brain drain6
The development of infrastructure6
Brain Drain in Venezuela
Venezuela, on the northern coast of South America, has been ruled by democratically elected governments since 1959, and in 1999 adopted a new constitution and governmental reorganization. At the same time, newly elected president Hugo Chavez instituted a number of reforms to redistribute wealth and fund programs in health care and education, resulting in improved health for mothers and children. Venezuela has significant oil reserves, which account for about 30 percent of Gross Domestic Product (GDP) and 90 percent of export earnings. The per capita income in 2008 was $13,500 and remains unevenly distributed with a Gini Index of 48.2; the top decile of households earns 35.2 percent of the income, versus 0.7 percent for the lowest decile, and poverty levels remain just below 50 percent of the population. In 2002, per-capita expenditures on health were $184, of which 46.9 percent was provided by the federal government. The 2009 population of Venezuela is estimated at 26.8 million, with 30.5 percent age 14 years or younger and 5.2 percent aged 65 years or older. The population growth rate is 1.5 percent, with a birth rate of 20.9 births per 1,000, a death rate of 5.1 deaths per 1,000, and a total fertility rate (an estimate of the number of children born to each woman) of 2.5. The sex ratio is 0.98 men per woman, and life expectancy at birth is 70.5 years for men and 76.8 years for women. The population is a mix of European, Arab, African, and indigenous peoples, with most (96 percent) Roman Catholic. Spanish is the official national language. Literacy is high and approximately equal for men (93.3 percent) and women (92.7 percent).
The human flight in Venezuela, due to the autocratic attitude and policies of Hugo Chavez
The company of PDVSA was headed by an inexperience professor of Marxist University. He had no experience to govern the very industry, because of which the whole country was paralyzed, as all the senior management of ...