Venezuela
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 1994-1995 , pp 323-332
- Publication Date: December 1995
- DOI: https://doi.org/10.18356/3182f38d-en
- Language: English
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The recession which swept over the Venezuelan economy in 1993 deepened in 1994. In the wake of the political and economic instability of the year before, a severe crisis erupted in the financial system which caused expectations to take a turn for the worse and generated sharp imbalances in exchange and money markets, GDP shrank by 3% and inflation heated up in the first half of the year, closing out 1994 with a 71% increase in the consumer price index (CPi) within an economic environment influenced by exchange and price controls. Although these controls, which were introduced late in June, were adopted as a temporary measure by the administration that had taken office in February, they none the less signalled a turnaround in economic policy five years after the initiation of a liberalization programme.
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