Economics Report - Venezuela's Economic Problems

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From	He	In	Nicolas	Venezuela	a	and	as	business	disputed
dollar	during	election	exporter	foreign	from	is	like	many	of
on	one	over	recent	says	social	the	troubles

VOA Learning English, this is Economics. Venezuela is facing number of economic problems. Inflation is putting pressure on businesses. Rotzen Villabon owns a gift store. But his needs American dollars to import products made in China. is unable to exchange Venezuelan money for dollars at official exchange rate of about 6.5 bolivares to the . He says the supply of dollars is even limited the black market, where dollars cost much more. He that is why business at his store is down. has the highest rate of inflation in South America. February, Venezuela reduced the value of its currency by third, which has made imports more costly. The economic have resulted in shortages of products ---- from necessities food to beauty products. Venezuela is a major oil . The nation's oil wealth paid for many social programs the 14-year-rule of former president Hugo Chavez. But Venezuela's presidential election showed there are divisions in the country. Maduro was declared the winner of a close election opposition candidate Henrique Capriles on April 14th. Mr. Capriles the vote and called for a recount. Henrique Capriles a lawyer. He promised to open the economy to investment. Nicolas Maduro is former union leader. He served vice president to Mr. Chavez before the president died cancer last month. Mr. Maduro promised to continue the policies and programs of Mr. Chavez. For supporters, the was about saving programs for free housing, health care education. For VOA Learning English, I'm Carolyn Presutti. (Adapted a radio program broadcast 19Apr2013)

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