Creating more troubles in the ailing economy and inviting strong criticisms from different quarters of the society, the Venezuelan government, which is badly affected by the economic crisis, has increased its minimum wage limit in an effort to battle inflation. Even though the has asserted that the move is expected to help fight inflation and protect jobs, the critics have claimed that the move is likely to shatter or worsen the ailing economic system of the oil-rich country. With the IMF forecasting that the inflation rate of the country will hit 1600% mark this year itself, the country is facing a severe shortage of essential goods and services.
Even after raising the wage limit nearly five times in this fiscal alone, the authorities have not acquired any positive momentum in the inflation issue. For last few years, the country has been witnessing a crippling economy mainly due to low oil price. The oil is the key export item of the country. The opposition parties have alleged that the socialist policies followed by the Venezuelan government are the main reason behind the downfall of the country’s economy, while the supremo has accused that the elites of the country have been sabotaging the resources of the embattled country for some petty political gains. By saying so, the supremo is trying to portray himself as a lone warrior who is single handedly leading a wild battle against the imperialistic elites.
VIGNESH
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