![]() The clampdown on objective media reporting on situations not favorable to the narrative or image of the Government has contributed further to the lack of transparency and monitoring of government decisions and policies. Meanwhile, the Venezuelan Government’s increased control over democratic institutions and its aggressive campaign against the opposition has seen the deterioration of democracy, where notably the opposition has no recourse to the institutions established by the rule of law, generating an environment of government impunity in both the economic and the political spheres. The situation has been exacerbated by a political stalemate and ideological differences within the ruling party, the United Socialist Party of Venezuela (PSUV) on how to address the economic crisis. The weak administration as seen in the reduction of Central Bank reserves and an accumulation of foreign debt, have led to severe inflation and shortage of goods, contributing to heightened political and social tensions. The economic policies of the past decade, with the introduction of currency exchange controls, nationalization, and the declining productivity have led to a steady deterioration of the economy, in spite of high oil prices that generate fiscal revenues. In spite of significant social advances achieved under Chávez’ social policies, contemporary Venezuela is marked by profound political, economic and social polarization. ![]() It was prepared between October 2013 and mid-February 2014, and as such it focuses mainly on the drivers and triggers that led to the crisis. This document outlines the political and economic drivers which have contributed to the current conflict dynamics in Venezuela. Read the full GPPAC Alert on Venezuela here.
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