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Economy & Business - October 2024
VENEZUELA: Christmas brought forward as economic winter looms
The political fallout from Venezuela’s disputed 28 July presidential election was massive. Nearly 2,000 opposition activists, politicians, and protesters have been arrested, the opposition candidate Edmundo González has fled into exile in Spain, and the country’s pariah status is once again firmly established. But Venezuelans have yet to pay the economic cost of the apparent power grab. President Nicolás Maduro’s pre-election spending spree left government coffers and central bank reserves depleted. The political uncertainty resulting from the election turmoil has eroded investor confidence and weighed on the currency and the economy. Maduro’s announcement of an early start to the Christmas period is unlikely to bring much cheer.
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