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Venezuela's Economic Woes to Continue: Panel

By Paul Welitzkin

A group of economic analysts and experts discussed the 2015 prospects for the Venezuelan economy amid low oil prices and high inflation.

As low oil prices continue to slam Venezuela's economy, analysts said the country should consider raising the price of gasoline and electricity and pay more for imported goods.

A panel of economic analysts and a history professor reviewed Venezuela's deteriorating economy at a symposium sponsored by the Americas Society/Council of the Americas (AS/COA) on Feb 3 in New York.

Global oil prices, which were over $100 a barrel at one point last year, have fallen to under $50 a barrel. Even before crude prices collapsed, Venezuela's economy was reeling. Now high inflation (more than 60 percent) and chronic shortages of basic items are making life very difficult for Venezuelans.

"Venezuela produces oil and uses that to get everything they need. Venezuela's system of prices is unsustainable," said Francisco Rodriguez, senior Andean economist at Bank of America Merrill Lynch....

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