Economic policy of the Nicolás Maduro government

When elected in 2013, Nicolás Maduro continued the majority of existing economic policies of his predecessor Hugo Chávez. When entering the presidency, President Maduro's Venezuela faced a high inflation rate and large shortages of goods that was left over from the previous policies of President Chávez. These economic difficulties that Venezuela was facing were one of the main reasons of the 2014–15 Venezuelan protests. President Maduro has blamed capitalism for speculation that is driving high rates of inflation and creating widespread shortages of staples, and often said he was fighting an "economic war", calling newly enacted economic measures "economic offensives" against political opponents he and loyalists state are behind an international economic conspiracy. However, President Maduro has been criticized for only concentrating on public opinion instead of tending to the practical issues economists have warned the Venezuelan government about or creating any ideas to improve the economic situation in Venezuela such as the "economic war".

In 2014, Venezuela's economy entered a recession with its economy contracting by 4.8%, 4.9% and 2.3% in the first three quarters. That year, Venezuela topped the Global Misery Index, which is based on inflation, unemployment, and other economic factors. In December 2014, it was stated that Venezuela had a 93% chance of being in default, while it has also been noted that the government has never failed to meet the country's foreign-debt obligations.

In 2015, Venezuela again topped the Global Misery Index and was expected to have its economy contract 7% according to the World Bank. The inflation rate also reached its highest rate in Venezuelan history.

In 2014, oil production was estimated to be near 2.7 million barrels per day, 13% lower than when Hugo Chávez took office in 1999. There were shortages and rationing of gas in some areas of Venezuela, which according to the Venezuelan government, is to combat smuggling of cheaper fuel to Colombia.PDVSA stated that the gasoline supply was running normally and that the long lines stated at gas stations were "destabilizing rumors factions opposing the Bolivarian government".

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Wikipedia