Venezuela's economic environment Research Paper

Venezuelas sparing environment - Research Paper ExampleThis means that the country has a great constituent in the geopolitical structure of the human beings.Venezuela, at 2013, is the worlds 34th largest economy with a GDP of $ 407.4 billion (Central Intelligence Agency 1). It experienced a growth rate of 1.6 percent, which is attributed to a slow and unstable recovery from the 2008s world recession. In 2012, it experienced a growth rate of 5.6 percent. Besides, it has Per Capita GDP of $ 13, 600. This is the worlds 99th largest PPP. Oil forms a major part of Venezuelan economy since it contributes 96 percent of its export earnings, 12 percent of its GDP, and 45 percent of its yearbook budget. Manufacturing forms a huge percent of Venezuelans economy as the country exports steel, cement, and aluminum. The industry sector contributes 35.5% of the countrys GDP. Agriculture forms a sheer 3.7 percent of the economy suggesting that the sector is underdeveloped. Although it exports ag ricultural products such as fish, the country imports two-thirds of its food supplies. The services sector is occupies the largest part of the GDP, 60.8 % thereby employing 70.9 percent of the Venezuelan population.In terms of economic emancipation index, the country has a score of 36.3 thereby making it a repressed economy. This means that there is limited individual freedom and liberty as pertains to investment and economic prosperity. The government has a big stake in economic activities, which in turn limits innovation and individual economic prosperity. It is essential, however, to note that Hugo Chavez, the former president, nationalized the oil industry in order to prevent conflicts and eliminate corruption. Venezuela experiences significant economic problems that correspond with state control of economic activities. Venezuela has a corruption index of 20 and ranks 166th in the world. This also