BY Mohammed, Muhammad and Mohammed M&M&M ( SAY IT 5 TIMES FAAAAASSSSTTT!!! )

Our ISSUE  Our issue is about the oil reserves in Venezuela. It has been ranked in the top ten oil producers in the world.  It makes up the 80% of the country’s export revenue. It also contributes about half of the central government’s income and is responsible for about 1/3 of the country’s gross domestic product.  The increases in world oil prices has helped Venezuelan President Hugo Chavez to expand social program spending, bolster commercial ties with other countries and boost his own international profile.  Analysts say that the recent global financial prices and sudden drop in oil prices are adding to the oil company’s financial turmoil.

Hugo Chavez is the 56th and current President of Venezuela, having held that position since He was formerly the leader of the Fifth Republic Movement political party, Following his own political ideology of Bolivarianism (political doctrines that enjoys currency), he has focused on implementing socialist reforms in the country as a part of a social project known as the Bolivarian Revolution. And as soon he took over the oil industry when he took over the president office. Venezuela is among the countries most vulnerable to the current global economic downturn. The reason is straightforward. Venezuela is overwhelmingly dependent on oil for both its exports and fiscal revenues.

 There is a problem with Venezuela's economy and the problem is shown in the GDP Rates.  GDP growth is -2.8% (2010 est.)  GDP Per Capita is $12,600 (2010 est.)  GPD By sector: Agriculture: 4.1%, Industrie: 34.9%, Services: 61.1% (2010 est.)  Population Below poverty: 28% (2008 est.)  Unemployment: 12.1%  Main industries: Petroleum, Construction materials, Food Processing, Iron ore mining, Steel, Aluminum; Motor vehicle assembly, Real state, Tourism and Ecotourism VENEZUELA'S ECONOMY

HOW IT AFFECTS LATIN AMERICA OIL IN VENUZUELA WONT AFFECT THE CULTURE IN LATIN AMERICA BECAUSE THE OIL WILL AFFECT THE ECONOMY AND HOW IT GROWS BUT IT WONT AFFECT THE CULTURE.

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