In recent weeks, local and international media have attacked the left-wing Venezuelan government over alleged 鈥渆conomic woes鈥.
Pointing to Venezuela鈥檚 inflation rate 鈥 the highest in Latin America 鈥 and an economy that shrank 3.3% last year, the private opposition media is raising fears of a serious economic crisis.
These same media outlets, which have been predicting the fall of President Hugo Chavez for years, argue recent government actions will worsen the situation.
Venezuelan business federation Fedecamaras warned on May 5 that Venezuela faces an 鈥渆conomic and social crisis鈥.
Bicentenary Hypermarket
In further moves to strengthen the state鈥檚 role in the economy, Venezuelan President Chavez announced on May 11 the creation of a publicly owned import-export company as part of a broader plan to combat 鈥渢he hegemony of the bourgeoisie鈥, speculation and inflation.
Despite price controls and a fixed exchange rate, inflation reached 25.1% in 2009 鈥 the highest in Latin America.
Central bank figures reported inflation climbed 5.2% in April (double that of March), bringing accumulated inflation for 2010 up to 11.3%.