Business Cycles and Concepts

Published: 2021-06-29 04:21:44
essay essay

Category: Business

Type of paper: Essay

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Abstract
This paper will discuss the research of 1 economic concern in Venezuela, South America. The concern is inflation; the paper will show the relationship between inflation and the economy of South American. The paper will also discuss trends in the data sets. It will also show statistical evidence of these trends.



Introduction
As an employee of the World Bank, I have been asked to research 1 economic concern in a South American country; the country that I have researched is Venezuela. Venezuela has a population of 29,335,489 as of August 2011 and it is one of the most urbanized countries in South America. The GDP was $326 billion in 2009. Some of Venezuela natural resources include petroleum, natural gas and gold. Venezuela has a civilian elected government. The president of the country is Hugo Chavez. The economic concern I have chosen is inflation. Inflation rate refers to a general rise in prices measured against a standard level of purchasing power (Venezuela Inflation Rate, n.d.).
Inflation in Venezuela
Inflation in Venezuela for 2011 was 29.8%.
Venezuela had the 2nd highest inflation rate in the world; it is only surpassed by Ethiopia's 31.5%. This rate is one of the country's biggest problems after violent crime. The inflation rate is influenced by an expanding money supply and heavy government spending. The government is likely to spend heavy in 2012 to rev up the economy during Chavez's re-election bid, this would worsen the annual inflation.

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