The Economist–Venezuela’s Economy: Probably the World’s Worst-Managed Economy

This piece in The Economist makes me so sad. There’s no hiding it; scarcity is REAL here.

Right now there’s a shortage on shampoo, razors, diapers, and bug repellent. I went to at least three stores today looking for bug repellent, but none was to be found.

Last year the shortages affected milk, Harina Pan (a type of flour used to make arepas, a national dish; it’s like there being a shortage on sandwich bread in the US), and vegetable cooking oil.

The constant shortages create a culture of hoarding and over-planning. For example, you always buy more than you need because you don’t know when you’ll find it again. Now that plane tickets are scarce too, people don’t bat an eye at you trying to plan a trip that is five months or even a year out. You have to.

Venezuela, I love your people and I truly hope and pray this overwhelmingly negative narrative will change one day soon. The economy improving will be a huge step, if not the most important step, in this narrative improving.


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