Blog The fruits of incompetence.

The fruits of incompetence.

Posted by Author on in Blog 49

Some recent economic growth rates from around Latin America:

Brazil 9% in Q1

Mexico 4.3% in Q1

Peru 9.3% in April

Paraguay 11% in Q1

Ecuador .6% in Q1

Colombia 4.4% in Q1

For the record, Venezuela's economy shrank 5.8% in the first quarter of 2010.

Clearly, Chavez's assertion that Venezuela is in a recession because of external factors beyond its control is bogus as countries all around Venezuela are growing - big countries, small countries; countries with Left governments and countries with right wing governments, oil exporters and agricultural countries - across the board they are growing. Yet Venezuela remains in a sharp recession.

Of course, it was always bogus that Venezuela was in a recession for reasons out of their control. Countries with half way decent economic policies - such as China and Vietnam - never went into a recession at all. But even Venezuela's cohorts, often with their own shortcomings, are way outperforming Venezuela.

That is was incompetence does for you.