Venezuela

For the economy of Venezuela the year 1983 represented both a culmination of trends observed in the preceding year and a radical change in some basic features. Thus, for example, the aggravation of pressures that had been building up since the end of 1981 on the external front made it necessary to modify the foreign-exchange system. The abandonment after almost 20 years of a fixed single exchange parity and of an exchange system totally devoid of quantitative restrictions and their replacement by a multiple exchange-rate system and a controlled foreign-currency market represented the initiation of a first phase in an abrupt and difficult adjustment process.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions