Today (March 5th) – on the 60 year anniversary of Stalin’s death – Venezuelan president Hugo Chavez passed away.
I think Chavez’s economic legacy can be pretty well-illustrated by two graphs comparing Venezuela’s economic performance from 1999 when Chavez became president with three ‘neo-liberal’ Latin American countries – Chile, Peru and Colombia.
We start out with the real GDP level (Index 1999 = 100)
And next the price level (GDP deflator, Index 1999 = 100)
I leave it to my readers to judge whether Hugo Chavez’s death is a positive or a negative shock to Venezuela’s economy.
PS I am not claiming that Venezuelan economic statistics has not been manipulated. My source is IMF.