Venezuela’s Fickle Economic Recovery Is Falling Apart
By
Tony Frangie-Mawad
The 2022 growth spurt is waning while the electoral process is heating up.
CARACAS — A year ago, a squall of sheer economic optimism swirled through Venezuela’s capital. The Hard Rock Café reopened in December, a new Ferrari dealership dazzled viewers from a glassy new tower and around 200 new restaurants popped up around the city. After eight years of economic contraction, Venezuela’s GDP started to grow again, hyperinflation abated, and food shortages ended. The mild recovery resulted from a turnaround in Nicolás Maduro’s economic policies. Turning its back on his predecessor Hugo Chávez, Maduro moved towards eliminating price and currency exchange...
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