Newspaper article St Louis Post-Dispatch (MO)

Venezuela's Economy in Tatters, at a Glance

Newspaper article St Louis Post-Dispatch (MO)

Venezuela's Economy in Tatters, at a Glance

Article excerpt

WASHINGTON * Venezuela's seizure of a General Motors factory Wednesday comes as that nation's economy is gripped by a long-running downward spiral that has caused widespread misery. The prices of food and other essentials have soared, and jobs have disappeared.

Those struggles have been exacerbated by the country's repeated confiscation of foreign assets, with roughly 25 corporations now fighting Venezuela's government before a World Bank panel over such seizures.

Here are some figures that illustrate Venezuela's economic calamity:

A CRATERING ECONOMY

Last year, the nation's economy shrank 18 percent a depression-level catastrophe according to estimates by the International Monetary Fund. By comparison, Greece, Europe's worst-off economy, shrank 9.1 percent at the depth of its crisis in 2011.

Last year Greece's economy was unchanged. …

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