ECONOMY AND SOCIAL DEVELOPMENT
Since President Hugo Chavez’s election in 1998, the Venezuelan economy has continuously grown, international reserves have increased, public debt has decreased and while inflation has remained high, it has been manageable. But more importantly, social development has become a priority of the Venezuelan government. In recent years the levels of both poverty and extreme poverty have declined dramatically, the minimum wage has increased, infant mortality has decreased and inequality, as measured by the Gini coefficient, has dropped. As a result of proactive government initiatives and programs, Venezuela’s ranking on the UN’s Human Development Index has improved, jumping four spots – from 62 to 58 put of 182 countries – in recent years.
The following indicators and statistics highlights gains in the economy and in social development:
