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I'm sure a nobel peace prize will becoming to Hugo. The "messiah" will probably be consulting with him soon so he can implement this new theory so we can all feel better about "change"
President Chavez said Wednesday he plans to come up with a new, socialist-friendly way of measuring economic growth, one day after gross domestic product data indicated his country is in recession.
Venezuela's economy shrank 4.5% in the third quarter, the country's central bank reported Tuesday. The economy shrank 2.4% in the second quarter.
"We simply can't permit that they continue calculating GDP with the old capitalist method," President Chavez said in a televised speech before members of his socialist party. "It's harmful."
Analysts say Venezuela's contracting GDP numbers reflect dwindling oil revenue, as global crude prices are well off their July 2008 record highs. Many analysts also attribute blame for the weak growth numbers to the Chavez government's push toward socialism, saying local and foreign businesses are pulling back on investment plans amid fears their company or entire industry may be nationalized. Private-sector economic activity dropped 5.8% last quarter, the data indicated, while manufacturing activity slid 9.2% from the year-earlier period.
But Chavez, in his speech Wednesday, said the weak economic growth numbers are mostly the result of "capitalist calculations" that don't give proper credit to economic activity in a socialist setting. Hmmm…. The economy is in the toilet and going down, but Chavez says that’s because people are measuring the water level incorrectly.
Venezuela's economy shrank 4.5% in the third quarter, the country's central bank reported Tuesday. The economy shrank 2.4% in the second quarter.
"We simply can't permit that they continue calculating GDP with the old capitalist method," President Chavez said in a televised speech before members of his socialist party. "It's harmful."
Analysts say Venezuela's contracting GDP numbers reflect dwindling oil revenue, as global crude prices are well off their July 2008 record highs. Many analysts also attribute blame for the weak growth numbers to the Chavez government's push toward socialism, saying local and foreign businesses are pulling back on investment plans amid fears their company or entire industry may be nationalized. Private-sector economic activity dropped 5.8% last quarter, the data indicated, while manufacturing activity slid 9.2% from the year-earlier period.
But Chavez, in his speech Wednesday, said the weak economic growth numbers are mostly the result of "capitalist calculations" that don't give proper credit to economic activity in a socialist setting. Hmmm…. The economy is in the toilet and going down, but Chavez says that’s because people are measuring the water level incorrectly.
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