Tuesday, July 06, 2010

The fruits of incompetence. 

Some recent economic growth rates from around Latin America:

Brazil 9% in Q1

Mexico 4.3% in Q1

Peru 9.3% in April

Paraguay 11% in Q1

Ecuador .6% in Q1

Colombia 4.4% in Q1

For the record, Venezuela's economy shrank 5.8% in the first quarter of 2010.

Clearly, Chavez's assertion that Venezuela is in a recession because of external factors beyond its control is bogus as countries all around Venezuela are growing - big countries, small countries; countries with Left governments and countries with right wing governments, oil exporters and agricultural countries - across the board they are growing. Yet Venezuela remains in a sharp recession.

Of course, it was always bogus that Venezuela was in a recession for reasons out of their control. Countries with half way decent economic policies - such as China and Vietnam - never went into a recession at all. But even Venezuela's cohorts, often with their own shortcomings, are way outperforming Venezuela.

That is was incompetence does for you.


This page is powered by Blogger. Isn't yours?