Análisis del entorno económico venezolano
-
Upload
isaias-covarrubias -
Category
Documents
-
view
221 -
download
0
Transcript of Análisis del entorno económico venezolano
-
7/31/2019 Anlisis del entorno econmico venezolano
1/72
AJ\KZUGTAZMA DK FG KLAIA@MG UKIK_AFGIG
M|gg| Laugzz{jmg| @gzw{mig
Alt{jzk& :>7:
-
7/31/2019 Anlisis del entorno econmico venezolano
2/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Fg klaia`g ukikafgig tmkik |{| kr~zk|maik| l{gitmtgtmug|) @| gi& ki {ig
m`~aztgitk `kdmdg k|g| kr~zk|maik| lai|tmt{}ki fg zkgfmdgd klai`mlg `m|`g)
Dk `gikzg w{k dm|~aikz dk kffg| ~{kdk zk|{ftgz |mk`~zk tmf ~gzg w{mkik| |k
al{~gi dk k|ta| tk`g|)
G|dzjgf Jg~tm|tg) [i j{ki i`kza 0 {ig j{kig ~gfgjzg Ki? Ukik{kfg |mhfa
RR) Um|maik| } tk|tm`aima|) Ta`a MM& ~) 47=)
Kf ~zk|kitk Gifm|m| dkf Kitazia Klai`mla Ukikafgia k| kf zk|{ftgda dk {i ~za}klta ~zkumadkia`migda Aj|kzugtazma dk fg Klaia`g Ukikafgig& g{|~mlmgda ~az kf ~zaek|az O{gi Lgzfa|@gztik Laff& Dmzkltaz dkf hz{~a k{`kd)ikt dk fg [imukz|mdgd dk @fghg } ~az kf ~zaek|az M|gg|Laugzz{jmg| @gzw{mig& dk fg [imukz|mdgd Lkitzallmdkitgf Fm|gidzaGfugzgda& [LFG& lai kf ~gtzalmimamimlmgf dk fg Ghkilmg K|~gafg dk Laa~kzglmi Mitkziglmaigf ~gzg kf Dk|gzzaffa& GKLMD) Ki baiaz g k|tkg~a}a mimlmgf& kf `gtkzmgf bg lai|kzugda |{ ia`jzk azmhmigf)
G{iw{k gbazg fg azmkitglmi |kg bglmg kf gifm|m| dkf kitazia klai`mla& fg emigfmdgd |mh{k |mkida fg`m|`g? |kzumz dk `gtkzmgf dk mieaz`glmi& lai|{ftg& g~a}a k|tgd|tmla } dk k|t{dma ~gzg fa|k|t{dmgitk| dk fg| lgzzkzg| dk ~zk } ~a|thzgda dk klaia`g } dk fg| dk`| lmkilmg| |almgfk| dk fg|{imukz|mdgdk| k mi|tmt{ta| dk ki|kgig |{~kzmaz ukikafgia| a dk l{gfw{mkz atza ~g|& mitkzk|gda| kifg klaia`g ukikafgig)
K|tk gifm|m| dkf kitazia klai`mla ukikafgia k|tg dmumdmda ki tzk| ~gztk|? 7- kf gifm|m|`glzaklai`mla3 :- kf gifm|m| dk fg ~zad{ltmumdgd } fg la`~ktmtmumdgd }
-
7/31/2019 Anlisis del entorno econmico venezolano
3/72
Kitazia @glzaklai`mla
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
-
7/31/2019 Anlisis del entorno econmico venezolano
4/72
E{kitk? E@M & Xazfd Klaia`ml A{tfaac Dgtgjg|k":>7:-)
Kf ^MJ hfajgf ki kf :>77 e{k dk gfzkdkdaz dk 8>&: jmffaik| dk dfgzk| k|tgda{imdki|k| "[\D- lazzmkitk|)Fa| K|tgda| [imda| k| fg `g}az klaia`g dkf `{ida& lai {i ^MJ ki kf :>77 dk 7;&7 jmffaik| dk dfgzk|&w{k zk~zk|kitgi kf :7&;+ dkf ^MJ hfajgf) Fk |mh{k Lbmig la`a fg |kh{idg klaia`g `| hzgidk dkf`{ida& lai {i ^MJ ki kf :>77 dk 8&< jmffaik| dk [\D "7>&4+ dkf ^MJ hfajgf- } ki tkzlkz f{hgz Og~i ";&=jmffaik| dk [\D3 2&4+ dkf ^MJ hfajgf-) Ki kf :>77& Ukik{kfg tkz`mi lai {i ^MJ dk 773 7> e{k fgl{gztg klaia`g& ~kza ki kf :>77 e{k |{~kzgdg dk k|tg ~a|mlmi ~az Lafa`jmg) Kf lzklm`mkita ki eaz`g|mhimemlgtmug dkf ^MJ "`kdmda ki [\D lazzmkitk|- dk Jzg|mf } Lafa`jmg |k bg dkjmda tgita gf lzklm`mkitadk |{| klaia`g|& g| la`a gf bklba dk w{k |{| `aikdg| |k bgi zkugf{gda lai zk|~klta gf dfgz)
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Dmk `| hzgidk| klaia`g| dk G`zmlg Fgtmig } kf Lgzmjk :>7> } :>77 "@mfk| dk `mffaik| dk [\D lazzmkitk|-
^g| :>7> :>77
Jzg|mf :)74:&= :)4=:&=
@rmla 7)> 448&5
Lafa`jmg :28&<
;>>&>>
7)>>>&>>
7);>>&>>
:)>>>&>>
:);>>&>>
^MJ :>7>
^MJ :>77
-
7/31/2019 Anlisis del entorno econmico venezolano
5/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
:>7: :>77::>77:& fg klaia`g
`{idmgf |mh{k zkl{~kzida|k& ~kza g {i zmt`a `| fkita dkfa| ~zkum|ta) Kf lzklm`mkita klai`mla hfajgf ~za}kltgda~gzg :>7< bg |mda zkum|gda g fg jgog& dkjmda j|mlg`kitk gf`{} jgoa lzklm`mkita zkfgtmua w{k kr~kzm`kitgzi fg|
klaia`g| gugigdg|& k|~klmgf`kitk ki fg aig k{za& } g fgdk|glkfkzglmi dkf dmi`mla lzklm`mkita dk fg| klaia`g|k`kzhkitk| } ki dk|gzzaffa& g{iw{k ia `{} `gzlgda ~gzg kflg|a dk fa| ~g|k| JZML) K|tk k|lkigzma |{~aik w{k |k`gitkidz gftg fg tg|g dk dk|k`~fka ki fg| klaia`g|gugigdg|& ki tazia gf 2+ ki K|tgda| [imda| } 77+ ki fa|~g|k| dk fg [K) Fg tg|g dk miefglmi |k `gitkidz `{} jgogki fg| klaia`g| gugigdg| } ~az dkjgoa dk {i dhmta ki~za`kdma ki fg| klaia`g| k`kzhkitk| } ki dk|gzzaffa) Fg|klaia`g| dk G`zmlg Fgtmig } kf Lgzmjk "GFL-kr~kzm`kitgzi {i lzklm`mkita ~za`kdma lkzlgia g 4+ ki:>7
-
7/31/2019 Anlisis del entorno econmico venezolano
6/72
-
7/31/2019 Anlisis del entorno econmico venezolano
7/72
Fg tg|g dk lzklm`mkita dkf ^MJ dk Ukik{kfg d{zgitk kf ~kzmada 7==::>77 krbmjm {i gfta imukf dkuafgtmfmdgd) Fg| e{kitk| dk k|tg gftg uafgtmfmdgd ki kf lzklm`mkita dk fg klaia`g ukikafgig |aiugzmgdg|& dk|tglgida kitzk kffg| |{ e{kztk dk~kidkilmg g fa| |balc| dkf `kzlgda ~ktzafkza g imukf`{idmgf } fg milai|m|tkilmg k mi|a|tkimjmfmdgd dk gfh{ig| dk fg| ~aftmlg| klai`mlg| g~fmlgdg|)
E{kitk? JLU ":>7:-)
7==: 7==< 7==4 7==; 7==5 7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77Ugz^MJ 5&7 >&< :&4 4&> >&: 5&4 >&< 5&>
;
7>
7;
:>
7==: 7==< 7==4 7==; 7==5 7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Ugzmglmi dkf ^MJ
"zkgf- 7==::>77
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Tg|g dk lzklm`mkita dkf ^MJ zkgf 7==::>77
-
7/31/2019 Anlisis del entorno econmico venezolano
8/72E{kitk? JLU ":>7:-)
L{gida |k gigfmg kf la`~aztg`mkita dk fg gltmumdgd klai`mlg ~az tzm`k|tzk| ~gzg kf ~kzmada7==2:>77& fg uafgtmfmdgd dkf lzklm`mkita dkf ^MJ k| `| glkit{gdg)
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Tg|g dk lzklm`mkita dkf ^MJ zkgf ~az tzm`k|tzk|? 7 tzm`k|tzk dk 7==2 gf 4 tzm`k|tzk dk :>77
:>
7>
>
7>
:>
M=2
MM=2
MMM=2
MU=2
M==
MM==
MMM==
MU==
M>>
MM>>
MMM>>
MU>>
M>7
MM>7
MMM>7
MU>7
M>:
MM>:
MMM>:
MU>:
M>4
MM>4
MMM>4
MU>4
M>;
MM>;
MMM>;
MU>;
M>5
MM>5
MMM>5
MU>5
M>8
MM>8
MMM>8
MU>8
M>2
MM>2
MMM>2
MU>2
M>=
MM>=
MMM>=
MU>=
M7>
MM7>
MMM7>
MU7>
M77
MM77
MMM77
MU77
Ugzmglmidkf ^MJ~aztzm`k|tzk|
Tzm`) M=2 MM=2 MMM=2 MU=2 M== MM== MMM== MU== M>> MM>> MMM>> MU>> M>7 MM>7 MMM>7 MU>7
Ugz) ^MJ ; >&; :&8 :&5 =&: >&8 :&> ;&7 4&< 7&> >&8 2&< 8&< :&5 :&5 4&8
M>: MM>: MMM>: MU>: M>< MM>< MMM>< MU>< M>4 MM>4 MMM>4 MU>4 M>; MM>; MMM>; MU>; M>5 MM>5 MMM>5 MU>5
7 ;&8 2&< 2 4&5 8&< =&= 8&= 4&8 7>&>
M>8 MM>8 MMM>8 MU>8 M>2 MM>2 MMM>2 MU>2 M>= MM>= MMM>= MU>= M7> MM7> MMM7> MU7> M77 MM77 MMM77 MU77
7:&< 8&: 5&< 8&5 74&< =&= :&= 8&: 78&> 5&; >&2 ;&8 75&7 7>&> :&< 5&4 7:&; 8&5 4&: 5&=
-
7/31/2019 Anlisis del entorno econmico venezolano
9/72
7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4
Lai|{`a zmugda ;;&5+ ;;&;+ ;8&5+ ;8&8 :>>2 :>>= :>7> :>77Lai|{`a zmugda ;8&:+ ;4&=+ ;;&>+ ;;&2+ ;2&8+ ;8&=+ ;4&4+
Hg|ta ^jfmla 74&2+ 7
-
7/31/2019 Anlisis del entorno econmico venezolano
10/72
Fg ugzmglmi dkf Lai|{`a ^zmugda ki Ukik{kfg 7==2:>77 tmkik {ig lfgzg tkidkilmg ~zallfmlgzk|~klta g fg ugzmglmi dkf ^MJ "`kdmdg g ~zklma| lai|tgitk| dkf ga jg|k dk 7==8-) Fa| milzk`kita|dkf lai|{`a ~zmugda bgi tkimda gf `kia| da| lgzgltkz|tmlg| zkfkugitk|? 7- |k bgi |{|tkitgda ki {igfta imukf dk m`~aztglmaik| dk jmkik|3 :- |k bgi |a~aztgda ki {i milzk`kita |mhimemlgtmua dkflai|{`a dk fa| k|tzgta| |almaklai`mla| `| dk|eguazklmda|)
E{kitk? JLU ":>7:-)
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77Lai|{`a^zmugda 7&2 "7&8- 4&8 5&> "8&7- "4&
^MJ >&< "5&>- 77
"7;&>-
"7>&>-
";&>-
;&>
7>&>
7;&>
:>&>
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Ugzmglmi dkfLai|{`a zmugda
Ugzmglmi dkf ^MJ
-
7/31/2019 Anlisis del entorno econmico venezolano
11/72
Fg| ~aftmlg| ~jfmlg| dk fg ftm`g dlgdg& dmzmhmdg| g milzk`kitgz fg dk`gidg ghzkhgdg mitkzig ugtzgi|ekzkilmg dk mihzk|a|& |{j|mdma| ~gzg kf lai|{`a dk gfm`kita| } fg lajkzt{zg dk |kzumlma| dk |gf{d&kd{lglmi } tzgi|~aztk& bgi tkimda {i m`~glta ~a|mtmua ki fg dm|`mi{lmi dk fg tg|g dk ~ajzkg) Krm|tkgfhi hzgda dk lg{|gfmdgd fg dm|`mi{lmi dk fg tg|g dk ~ajzkg } kf milzk`kita dk fa| ~zklma| dkf jgzzmfdk ~ktzfka) Ia aj|tgitk& g ~gztmz dkf :>>8 fg tg|g dk ~ajzkg |k bg `gitkimda ki tazia gf :5&5:2&>+
} bg dkogda dk dm|`mi{mz) ^gzgdomlg`kitk& fg dm|`mi{lmi dk fg tg|g dk ~ajzkg |k ~zk|kit ki {ilaitkrta daidk fa| |gfgzma| zkgfk| dk fa| tzgjgogdazk| g~kig| lzklmkzai 7+ gi{gf d{zgitk kf ~kzmada7==;:>>5& |khi {i mieaz`k dk fg AMT ":>>2-)
E{kitk? MIK ":>7:- } @^^^E ":>7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Tg|g dk ~ajzkg } ~zklma dkf jgzzmf dk ~ktzfka ~za`kdma "ki [\D lazzmkitk|- 7==::>77
>
:>
4>
5>
2>
7>>
7:>
Tg|g dk ~ajzkg"ki ~azlkitgok-
^zklma| dkf~ktzfka "ki [\Dlazzmkitk|~za`kdma dkfga-
Tg|g dk~ajzkg
^zklma| dkf~ktzfka
7==8 ;7&= 78&4
7==2 45&; 77&4
7=== 4:&4 75&>> 47&> :5&>7 >: 4;&7 :4&7
:)>>< ;4&5 :;&2
:)>>4 ;>&7 >; 4>&: 45&:
:)>>5 >8 :2&> 54&=
:)>>2 :8&5 25&>
:)>>= :5&5 ;8&>
:)>7> :5&= 87&5
:)>77 :8&> 7>7&7
-
7/31/2019 Anlisis del entorno econmico venezolano
12/72Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gz {mig)
idmlk Hmim 7==8:>77
G fg ~gz dk fg dm|`mi{lmi dk fg tg|g dk ~ajzkg& fg |almkdgd ukikafgig bg kr~kzm`kitgda {ig `koazgki fg dm|tzmj{lmi dkf mihzk|a } dk fg dk|mh{gfdgd) L{gida |k la`~gzgi fa| ga| 7==8 } :>77 dk|tglgw{k fg ~za~azlmi dkf mihzk|a tatgf lg~tgda eguazklm g fa| ~zm`kza| l{gtza tzg`a| dk hz{~a| dk mihzk|a"w{mitmfk|- g kr~ki|g| dk fg dm|`mi{lmi ki fg lg~tglmi dkf mihzk|a tatgf dk fg ~ajfglmi w{k zk~zk|kitgkf w{mitmf `| zmla) ^az |{ ~gztk& kf idmlk Hmim "MH- `koaz |mhimemlgtmug`kitk dk|dk kf :>>;& |mt{gida gUkik{kfg la`a kf ~g| lai `kiaz dk|mh{gfdgd klai`mlg ki G`zmlg Fgtmig "|khi dgta| dk fg LK^GF&:>7:-) L{gida |k k|tm`g kf MH ta`gida ki l{kitg kf mihzk|a dk fg| eg`mfmg| tzgjgogdazg| zkekzmda g|{kfda| } |gfgzma|& krlf{}kida atza| mihzk|a|& kf `m|`a `koazg `{lba `|& |khi dgta| dk Jg~tm|tg":>7:-& ~{k| dk|dk 7=8; } bg|tg `kdmgda| dk fg ~g|gdg dlgdg& k|tg dk|mh{gfdgd |k |mt{ ki tazia g>&4>>&4>; bg|tg {i MH dk >&:; ki kf :>77)
Dm|tzmj{lmi dkf Mihzk|a ~az w{mitmfk| ":>+-dk fg ~ajfglmi ukikafgig 7==8 } :>77
E{kitk? MIK ":>7:-)
>&428>&45= >&4;8
>&427 >&48;
>&4:4 >&472>&
>&>>>
>&7>>
>&:>>
>&>
>&4>>
>&;>>
>&5>>
7==8 7=== :>>7 :>>< :>>; :>>8 :>>= :>77
idmlkHmim
4&7
2&:
7&=
;&5
7;&=
:
44&2
>
7>
:>
4>
;>
5>
W{mitmf 7
`| ~ajzk
W{mitmf : W{mitmf < W{mitmf 4 W{mitmf ;
`| zmla
7==8
:>77
-
7/31/2019 Anlisis del entorno econmico venezolano
13/72
Fg ugzmglmi dk fg Miukz|mi "Eaz`glmi jz{tg dk lg~mtgf emoa `| miukitgzma|- 7==2:>77& |mi dk|ghzkhgzkitzk fa w{k lazzk|~aidk g miukz|mi ~jfmlg } fa w{k lazzk|~aidk g miukz|mi ~zmugdg& bg |mda~zallfmlg g fg ugzmglmi dkf ^MJ& ~kza `{lba `| uaftmf w{k |tk) Fg miukz|mi ~jfmlg |k bg um|tagekltgdg ~az fg uafgtmfmdgd dk fa| mihzk|a| ~jfmla| } ~az {i |k|ha bglmg kf hg|ta ~jfmla lazzmkitk ~az|ajzk kf hg|ta ~jfmla dk miukz|mi& `mkitzg| w{k fg miukz|mi ~zmugdg |k bg um|ta gekltgdg ~az kf imukf
dk mik|tgjmfmdgd k milkztmd{`jzk dkf kitazia klai`mla ukikafgia dk fg ftm`g dlgdg)
E{kitk? JLU ":>7:-)
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Miukz|mi 4&4 7>&5 5&8 7&>
:>&>
>&>
:>&>
4>&>
5>&>
2>&>
7>>&>
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Ugzmglmi dk fgMiukz|mi
Ugzmglmi dkf ^MJ
Ugzmglmi dk fg Miukz|mi } dkf ^MJ 7==2:>77
-
7/31/2019 Anlisis del entorno econmico venezolano
14/72
Lai|mdkzgida kf ~kzmada 7==8:>7>& |k ~aik dk `gimemk|ta w{k fg miukz|mi ~zmugdg bg ~kzdmda~gztmlm~glmi ki fg miukz|mi tatgf "`kdmdg la`a eaz`glmi jz{tg dk lg~mtgf emoa-& k|~klmgf`kitk ki fa|ftm`a| ga|) Kf ~za`kdma dk fg miukz|mi ~zmugdg ";2&=+- lai zk|~klta gf tatgf e{k |{~kzmaz gf~za`kdma dk fg miukz|mi ~jfmlg "47&7+- d{zgitk 7===:>>4) ^az kf laitzgzma& kf ~za`kdma dk fgmiukz|mi ~jfmlg ";8&5+- ki kf tatgf |{~kz kf ~za`kdma dk fg miukz|mi ~zmugdg "4:&4+- d{zgitk :>>;
:>7>) Dktz| dk fg kr~fmlglmi dkf ~az w{ dk k|tg `kz`g dk fg ~gztmlm~glmi dk fg miukz|mi ~zmugdg&bg} tgita egltazk| `glzaklai`mla|& g| la`a egltazk| dk fg la`~ktmtmumdgd } zkfglmaigda| lai kflfm`g dk ikhalma| ~zkugfklmkitk ki kf ~g|)
E{kitk? JLU ":>7:- } lfl{fa| ~za~ma|)
7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7>Miukz|mi^jfmlg 47&5+ 4>&4+ + &+
;>&+
5>&+
8>&+
2>&+
=>&+
7>>&+
7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7>
Miukz|mi ^zmugdg
Miukz|mi ^jfmlg
-
7/31/2019 Anlisis del entorno econmico venezolano
15/72E{kitk? JLU ":>7:-)
Gf mh{gf w{k fg ugzmglmi dk fg miukz|mi tatgf& ~gzg kf ~kzmada 7==2:>7> fg miukz|mi ~jfmlg } fgmiukz|mi ~zmugdg |k la`~aztgzai dk eaz`g `{} uaftmf& |mkida fg miukz|mi ~zmugdg fg w{k krbmjkfg `g}az uafgtmfmdgd ki |{ ugzmglmi gi{gf)
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7>Miukz|mi
^jfmlg :&4 :=&> &>
:>&>
>&>
:>&>
4>&>
5>&>
2>&>
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7>
Ugzmglmi dk fg
Miukz|mi ^jfmlgUgzmglmi dk fgMiukz|mi ^zmugdg
Ugzmglmi dk fgMiukz|mi Tatgf
Ugzmglmi dk fg Miukz|mi ^jfmlg& dk fg Miukz|mi ^zmugdg } dk fg Miukz|mi Tatgf 7==2:>7>
-
7/31/2019 Anlisis del entorno econmico venezolano
16/72E{kitk? JLU ":>7:-)
Fg ugzmglmi dkf Hg|ta ^jfmla 7==2:>77 tmkik {ig tkidkilmg ~zallfmlg zk|~klta g fg ugzmglmi dkf ^MJ dkf`m|`a ~kzmada) Kf hg|ta ~jfmla |k bg krglkzjgda ki ~kzmada| dk jaa` dk mihzk|a| ~ktzafkza|& ~kza f{kha|k bg `a|tzgda `{} zhmda g go{|tgz|k ki ~kzmada| dk lgdg dk k|ta| mihzk|a|& k|~klmgf`kitk ki |{la`~aikitk dk hg|ta lazzmkitk "|{kfda| dk k`~fkgda| ~jfmla|& ~zahzg`g| |almgfk|& tzgi|ekzkilmg| dmzkltg|g fg ~ajfglmi- } `kia| zhmda ~gzg kf lg|a dkf hg|ta dk miukz|mi) Fg zmhmdk dkf hg|ta ~jfmla bg tzgda kitzk|{| lai|kl{kilmg| w{k kf hajmkzia& gitk fg m`~a|mjmfmdgd dk zkd{lmzfa& g~kfk g `klgim|`a| miefglmaigzma| } gdkugf{glmaik| ~gzg lkzzgz fg jzklbg em|lgf w{k |k ~zad{lk dk eaz`g zkl{zzkitk) ^az fa dk`|& kf keklta`{ftm~fmlgdaz dkf hg|ta ~jfmla |ajzk fg dk`gidg ghzkhgdg ~gzklk bgjkz ~kzdmda e{kzg ki fa| ftm`a| ga|)
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Hg|ta jfmla "&8 =&5 7&< "5&>- &>-
";&>-
;&>
7>&>
7;&>
:>&>
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Ugzmglmi dkf Hg|ta^jfmla
Ugzmglmi dkf ^MJ
Ugzmglmi dkf Hg|ta ^jfmla } dkf ^MJ 7==2:>77
-
7/31/2019 Anlisis del entorno econmico venezolano
17/72
Fg dk~kidkilmg dkf hg|ta ~jfmla g fa| mihzk|a| em|lgfk| ~zaukimkitk| dk fg kr~aztglmi dk ~ktzfka }& ~azkrtki|mi& fg dk~kidkilmg dk fg klaia`g ukikafgig gf ugmui dk k|ta| mihzk|a|& o{ita lai |{ {tmfmglmila`a `klgim|`a zkdm|tzmj{tmua ~az ~gztk dkf hajmkzia& k| fa w{k ~kz`mtk lgfmemlgzfg la`a {igklaia`gzkit|tmlg) [ig zkitg w{k |k hkikzg zkfgtmug`kitk gf `gzhki dk fg lg~glmdgd ~zad{ltmug dkf~g|) Fa| ~zklma| mitkziglmaigfk| dkf jgzzmf dk ~ktzfka& lai|mdkzgida kf ~kzmada :>>7:>77& ~za`kdmgzai;>7 dk 5)::8 `mffaik| dk dfgzk|) \mi k`jgzha& kf EK@ e{k dk|`gitkfgda ~g{fgtmig`kitk} glt{gf`kitk k|t mia~kzgtmua& fa l{gf laitzg|tg lai kf k|lkigzma dk atza ~g| ~ktzafkza& Iaz{khg& w{kl{kitg lai {i eaida dk gbazza lkzlgia g fa| 5>>)>>> `mffaik| dk dfgzk|)
E{kitk? JLU ":>7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Mihzk|a| ~ktzafkza| 7===:>77 "@mffaik| dk [\D-
>
7>)>>>
:>)>>>
)>>>
4>)>>>
;>)>>>
5>)>>>
8>)>>>
2>)>>>
=>)>>>
7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Mihzk|a| ^ktzafkza| 7===:>77 "Ki @mff) [\D-
7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Mihzk|a| ^ktzafkza|"Ki @mff) [\D-)
75)4:> :5)587 :>)= 7=)>75 72)8
-
7/31/2019 Anlisis del entorno econmico venezolano
18/72
Kf la`~fk`kita dk fa| mihzk|a| ~ktzafkza| bgi |mda fa| mihzk|a| tzmj{tgzma|& zk~zk|kitgida ki ~za`kdma77+ dkf ^MJ ki fa| ftm`a| lmila ga|3 {i ~azlkitgok zkfgtmug`kitk jgoa l{gida |k la`~gzg lai kf dkfa| ~g|k| dk fg ALDK ";:>7: dk 77 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Demlmt a \{~kzumt em|lgf"+ dkf MJ- :>>7:>77*
E{kitk? JLU ":>7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Demlmt a \{~kzumt Em|lgf :>>7:>77 "^azlkitgok dkf ^MJ-
-
7/31/2019 Anlisis del entorno econmico venezolano
19/72E{kitk? JLU ":>7:-)
Dk{dg"@mff) [\D-/
:>>> :>7 ::)2>>:>>: :4):
:>>< :5)4:7
:>>4 :=);>:
:>>; 5
:>>5 :=)485
:>>8 >2 = ;;)=72
:>7> 87)::2
:>77 24);=4
/ \k zkemkzk g fg dk{dg ~jfmlg krtkzig laitgjmfmgdg ki kf ftm`a
tzm`k|tzk dk lgdg ga lai|mdkzgda
Kf milzk`kita dkf hg|ta ~jfmla bg k|tgda gla`~ggda dk {i e{kztk g{`kita dkf kidk{dg`mkita~jfmla krtkzia k mitkzia) Fg dk{dg ~jfmlg krtkzig ~zltmlg`kitk |k l{gdz{~fml ki {ig dlgdg)Dk|dk kf :>>5 gf :>77 bg lzklmda g {ig tg|g dkf ::+ gi{gf) Ki k|tk kidk{dg`mkita ia |k k|tmilf{}kida fg dk{dg lazzk|~aidmkitk gf laiukima dk ikhalma| lai Lbmig& w{k k| g {ig tg|g dk mitkz|miekzmaz g fg tg|g dk fa| `kzlgda| mitkziglmaigfk|) \khi kf @^^E ":>7:-& k|tk Eaida gflgi ~gzg kf
~zm`kz |k`k|tzk dkf :>7: fg lmezg dk )822 `mffaik| dk dfgzk|)
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
>
7>)>>>
:>)>>>
)>>>
4>)>>>
;>)>>>
5>)>>>
8>)>>>
2>)>>>
=>)>>>
:>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Dk{dg ~jfmlg krtkzig:>>>:>77 "Ki `mffaik|dk [\D-
Dk{dg ^jfmlg Krtkzig :>>>:>77 "@mffaik| dk [\D-
-
7/31/2019 Anlisis del entorno econmico venezolano
20/72Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Fg dk{dg ~jfmlg krtkzig la`a ~azlkitgok dkf ^MJ |k bg milzk`kitgda `adkzgdg`kitk& l{gida |kgigfmg ~gzg kf ~kzmada :>>>:>77& ~g|gida dk zk~zk|kitgz gfzkdkdaz dk 7=&2+ dkf ^MJ ki kf :>>> gzk~zk|kitgz :5&2+ ki kf :>77) \mi k`jgzha& {ig `kdmdg w{m| `| g~za~mgdg ~gzg `kdmz kf ~k|a dkfg dk{dg ~jfmlg krtkzig ki fg klaia`g ukikafgig |kg zkekzkilmgzfg gf ugfaz dk fg| kr~aztglmaik|&~{k| |ai |tg| fg| w{k ki dkemimtmug hkikzgi fa| dfgzk| w{k ~kz`mtmzi ~ghgzfg) Dk `gikzg w{k fg
lg~glmdgd dk ~gha dk fg dk{dg krtkzig k|t `| zkfglmaigdg lai kf la`~aztg`mkita dk fg|kr~aztglmaik| } fa| mihzk|a| ki dfgzk| w{k dmlbg| kr~aztglmaik| hkikzgi) Ki k|ta| tz`mia|& kf ~k|adk fg dk{dg ki kf tatgf dk kr~aztglmaik| |k bg milzk`kitgda |mhimemlgtmug`kitk) @mkitzg| ki kf :>>>fg dk{dg ~jfmlg krtkzig zk~zk|kitgjg {i 5=&:+ dk fg| kr~aztglmaik|& ki kf :>77 fg ~za~azlmizkfgtmug kw{mugfkitk e{k dk =7&4+ } ki kf ga mi`kdmgtg`kitk gitkzmaz ":>7>- kf ~azlkitgok |{~kz kf7>>+) Dk|dk k|tg ~kz|~kltmug& |k ~{kdk |kgfgz w{k fg lg~glmdgd dk ~gha dk fg dk{dg ~jfmlg krtkzig|k bg zk|kitmda dk `gikzg m`~aztgitk ki fg ftm`g dlgdg)
:>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Dk{dg Krtkzig!^MJ 7=&2>+ 72&;;+ :5&75+ =+ 7;&55+ 7:&>+ :4&78+ :5&82+
Dk{dg Krtkzig ! Kr~) 5=&7=+ 2;&;>+ =>&84+ =8&>8+ 7>2&>:>77
E{kitk? JLU ":>7:- } lfl{fa| ~za~ma|)
-
7/31/2019 Anlisis del entorno econmico venezolano
21/72Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Fg dk{dg ~jfmlg mitkzig "w{k milf{}k dk{dg dkf hajmkzia lkitzgf& mi|tmt{lmaik| ~jfmlg| ia emigilmkzg| }eaida| dk |kh{zmdgd |almgf- |k bg kr~gidmda dk eaz`g ukztmhmia|g lai|mdkzgida kf ~kzmada :>>>:>77&~g|gida dk zk~zk|kitgz >> g zk~zk|kitgz 4;&;+ dkf ^MJ ki kf :>77) [ig ~gztk dkfg dk{dg ~jfmlg mitkzig k|t zkefkogdg ki fg k`m|mi dk jaia| h{jkzig`kitgfk| tgita ~az ~gztk dkfhajmkzia lkitzgf g| la`a dk ^DU\G) Fg k`m|mi dk jaia| bg tkimda kf keklta ki kf |m|tk`g emigilmkza
ukikafgia dk hkikzgz {ig gftg dk`gidg ~az kffa|) Gfh{ia| jgila|& ~gztml{fgz`kitk dkf |kltaz ~jfmla&bgi ~zmumfkhmgda fg miukz|mi ki tt{fa| ugfazk|& ~az |ajzk |{ e{ilmi dk |kzumz dk mitkz`kdmgdazk| dkflg~mtgf) ^gzg `kdmgda| dkf :>7:& fa| lmila ~zmilm~gfk| jgila| ki ~adkz dkf K|tgda tkigi miukztmda| kitt{fa| ugfazk| kf 44&5+ dkf tatgf dk |{| dk~|mta| zklmjmda| dkf ~jfmla& ffkhgida {ia dk kffa| g tkikzlafalgda| ki jaia| dk dk{dg kf ;5&77 } gha|ta dkf :>7:) Kf milzk`kita tgita dk fg dk{dg ~jfmlg
krtkzig& g| la`a dk fg dk{dg ~jfmlg mitkzig& zkukfg dk w{k g ~k|gz dkf |a|tkimda milzk`kita dk fa|mihzk|a| ~ktzafkza|& fg klaia`g ukikafgig ~{dmkzg kiezkitgz ki fa| ~zrm`a| ga| {i ~zajfk`gk|tz{lt{zgf gh{da lai |{| l{kitg| em|lgfk|)
Dk{dg ~jfmlg mitkzig& krtkzig } tatgf la`a ~azlkitgok dkf ^MJ :>>>:>77
:>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Dk{dg Mitkzig 7+ 44&48+ 4;&;:+ 7:- } lfl{fa| ~za~ma|)
-
7/31/2019 Anlisis del entorno econmico venezolano
22/72
Kr~aztglmaik|
"Ki @mff) [\D- 7==8 7==2 7=== :>>> :>>7 :>>: :>>)7:= 7):: :5)587 :>)= 7=)>75 72)88 7)77>
^zmugdg| 7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Kr~aztglmaik| ~jfmlg| "~ktzafkzg| } ia ~ktzafkzg|- } kr~aztglmaik| ~zmugdg| "~ktzafkzg| } ia ~ktzafkzg| 7==8:>77"@mffaik| dk [\D-
-
7/31/2019 Anlisis del entorno econmico venezolano
23/72
7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Kr~) Ia
^ktzafkzg| :>>
:)>>>
>>
4)>>>
;)>>>
5)>>>
7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Fg| kr~aztglmaik| ia ~ktzafkzg| bgi dklfmigda dk eaz`g m`~aztgitk } zk~zk|kitgzai g~kig| {i ;+dkf tatgf dk kr~aztglmaik| dk jmkik| ki :>77) Kf dklfmuk dk fg| kr~aztglmaik| ~zmugdg| dk jmkik| iatzgdmlmaigfk| |k lai|tgtg gf aj|kzugz w{k gflgigzai {i `rm`a dk ;)5>5 `mffaik| dk dfgzk| ki kf:>>;& ~gzg f{kha dm|`mi{mz } ffkhgz g {i `im`a dk 7)2>; `mffaik| dk dfgzk| ki :>>=& g{iw{k |kmilzk`kitgi fkuk`kitk ki kf :>7> } :>77) ^gzg :>7: |k ~zku w{k k|tg| kr~aztglmaik| dm|`mi{}gi)K|tg `kz`g tgi |mhimemlgtmug tmkik kitzk |{| lg{|g| fg g~zklmglmi dkf tm~a dk lg`jma zkgf& kf l{gf bggjgzgtgda fg| m`~aztglmaik|& uafumkida gitmla`~ktmtmug fg ~zad{llmi dk jmkik| tzgi|gjfk| ia~ktzafkza| } k|tm`{fgida fg ~zad{llmi dk jmkik| ia tzgi|gjfk| "fg kiekz`kdgd bafgidk|g-) Tg`jmi|k dkjk g fg| krlk|mug| zkh{fglmaik| krm|tkitk| ~gzg kr~aztgz } g fa| gfta| la|ta| dk tzgi|gllmim`~fmlgda| ki fg| gltmumdgdk| dk kr~aztglmi)
E{kitk? JLU ":>7:-)
Kr~aztglmaik| ~zmugdg| dk jmkik| ia tzgdmlmaigfk| 7==8:>77 "@mffaik| dk [\D-
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
-
7/31/2019 Anlisis del entorno econmico venezolano
24/72
E{kitk? JLU ":>7:-)
7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
M`~aztglmaik|"@mff) [\D- 7;)=:7 78)28= 7;)4=: 78)=== :>)422 74):57 77):7; 72)72< :;)5:: >;:>77 kf ugfaz dk fg|m`~aztglmaik| |k bg d{~fmlgda& `| gff dk fg dm|`mi{lmi kr~kzm`kitgdg ki fa| ga| :>>=:>7>) Kfg{`kita dkf ugfaz dk fg| m`~aztglmaik| dk jmkik| |k bg ~zad{lmda ki {i laitkrta dk milzk`kita dkfa| mihzk|a| ~ktzafkza|& tm~a dk lg`jma aemlmgf |ajzkugf{gda } {ig ~aftmlg dk hg|ta ~jfmla azmkitgdg
g k|tm`{fgz e{kztk`kitk fg dk`gidg ghzkhgdg& k|~klmgf`kitk fg dk`gidg dk gfm`kita|)
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
>
7>)>>>
:>)>>>
)>>>
4>)>>>
;>)>>>
5>)>>>
7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
M`~aztglmaik| "@mff)[\D-
M`~aztglmaik| dk jmkik| 7==8:>77 "`mffaik| dk [\D-
-
7/31/2019 Anlisis del entorno econmico venezolano
25/72Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
G ~k|gz dkf |a|tkimda milzk`kita dk fg| m`~aztglmaik| d{zgitk kf ~kzmada 7==8:>77& kf |m`{ftikag{`kita dk fg| kr~aztglmaik| bg ~kz`mtmda fg ~zk|kilmg dk |{~kzumt la`kzlmgfk| "zkekzmda| g fg|kr~aztglmaik| k m`~aztglmaik| dk jmkik| } |kzumlma| ugfazgda| ki `mffaik| dk dfgzk|- ~gzg fg hzgi`g}azg dk fa| ga| lai|mdkzgda|)
7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77Demlmt!|{~kzumt 5)
;)>>>
7>)>>>
7;)>>>
:>)>>>
:;)>>>
)>>>
>>
4>)>>>
7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Demlmt a |{~kzumt la`kzlmgf 7==8:>77 dk fg| kr~aztglmaik| k m`~aztglmaik| dk jmkik| } |kzumlma|"@mffaik| dk [\D-
E{kitk? JLU ":>7:-)
-
7/31/2019 Anlisis del entorno econmico venezolano
26/72Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
L{gida |k gigfmg fg k|tz{lt{zg dkf la`kzlma mitkziglmaigf dk Ukik{kfg ~az fg ~gztk dk fg|m`~aztglmaik| "EAJ- dk jmkik|& |k aj|kzugi lg`jma| |mhimemlgtmua| ki l{gita g fa| ~g|k| dk azmhki dkk|tg| m`~aztglmaik|& la`~gzgida fa| ga| :>>> } :>77) Ki kf :>>> fa| dmk ~g|k| dk fa| l{gfk|Ukik{kfg m`~azt `g}azmtgzmg`kitk "877 kf ~gtzi dk m`~aztglmaik| dk Ukik{kfg bgjg lg`jmgda |{|tgilmgf`kitk) Fa| dmk ~g|k|dk fa| l{gfk| Ukik{kfg m`~azt `g}azmtgzmg`kitk "8 ~zmilm~gfk| ~g|k| ki fg|m`~aztglmaik| dk Ukik{kfg& :>>>)
:&57+ +
2&4;++
-
7/31/2019 Anlisis del entorno econmico venezolano
27/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
L{gida |k gigfmg fg k|tz{lt{zg dkf la`kzlma mitkziglmaigf dk Ukik{kfg ~az fg ~gztk dk fg|kr~aztglmaik| "EAJ- dk jmkik| ia ~ktzafkza|& tg`jmi |k aj|kzugi lg`jma| |mhimemlgtmua| ki l{gita gfg| iglmaik| bglmg daidk Ukik{kfg dmzmhk |{| kr~aztglmaik|& la`~gzgida fa| ga| :>>> } :>77) Ki kf:>>> fa| dmk ~g|k| w{k lailkitzgzai k|tg| kr~aztglmaik| "2>+ dkf tatgf kr~aztgda- e{kzai& ki k|tkazdki? K|tgda| [imda|& Lafa`jmg& @rmla& Og~i& Jzg|mf& ^g|k| Jgoa|& Kl{gdaz& ^kz& K|~gg k Mtgfmg)^gzg kf :>77 fg k|tz{lt{zg dk fg| kr~aztglmaik| dk jmkik| ia tzgdmlmaigfk| |k bgjg `admemlgda& |mkidafa| dmk ~g|k| ~zmilm~gfk| dk|tmia| dk k|tg| kr~aztglmaik| "85+- fa| |mh{mkitk|? Lbmig& K|tgda| [imda|&Lafa`jmg& Jzg|mf& Tzmimdgd } Tajgha& @rmla& Mtgfmg& Ezgilmg& Jfhmlg } Kl{gdaz) Dk|tglg fg k`kzhkilmg dkLbmig la`a kf ~zmilm~gf dk|tmia dk fg| kr~aztglmaik| } fg m`~aztgilmg gdw{mzmdg ~az i{kua| dk|tmia|la`a Tzmimdgd } Tajgha } Ezgilmg) K|ta| lg`jma| |k ~zad{lki ~gzgfkfg`kitk g {ig lgdg |mhimemlgtmugdkf ugfaz dk fg| kr~aztglmaik| dk jmkik| ia tzgdmlmaigfk| dk {i azdki lkzlgia gf 4>+ ki :>>>:>77)
:&28+
74&78+
:&2>+
:&;&4+
4&4:+
;&:>+
:&2
-
7/31/2019 Anlisis del entorno econmico venezolano
28/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
^gztmlm~glmi dk fa| \kltazk| Klai`mla| ki
kf ^MJ :>>7 "+ -^ktzfka 72&7&58+
@gi{eglt{zg 75&28+
Kfkltzmlmdgd } gh{g :&72+
Lai|tz{llmi 8&>4+
La`kzlma/ 2&;7+
Tzgi|~aztk } gf`glkig`mkita ;+
\kzumlma| mi`ajmfmgzma|// =&27+
\kzumlma| la`{imtgzma| } ~kz|aigfk|/// 4&;>+
^zad{llmi |kzumlma| dkf Hajmkzia 7>&;=+
Zk|ta//// 5&7>+
^gztmlm~glmi dk fa| \kltazk| Klai`mla| ki
kf ^MJ :>77 "+ -^ktzfka 77&&42+
@gi{eglt{zg 74&45+
Kfkltzmlmdgd } gh{g :&:8+
Lai|tz{llmi 8&:4+
La`kzlma =&57+
Tzgi|~aztk } gf`glkig`mkita
-
7/31/2019 Anlisis del entorno econmico venezolano
29/72
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77^MJ >&< "5&>- &< "&7- "5&=- 4&: 4&> "5&>- "8&4- 75&7 7:&: 7>&= =&8 ;&8 "7&8- "7&5- 4&;
E{kitk? JLU ":>7:-)
\k aj|kzug w{k d{zgitk kf ~kzmada 7==2:>77 kf dk|k`~ka dkf ^MJ g|almgda g fg gltmumdgd ~ktzafkzgk| `| uaftmf w{k kf lazzk|~aidmkitk ^MJ dk tadg fg gltmumdgd klai`mlg } dkf ^MJ dk fg gltmumdgd ia~ktzafkzg) Fg `g}az ugzmglmi dkf ^MJ ~ktzafkza |k dkjk& kitzk atza| egltazk|& g w{k zk|~aidk g fa||balc| krtkzia| dk aekztg } dk dk`gidg dk ~ktzfka dk fg| klaia`g| g imukf `{idmgf& `| kf kekltadk ugzmgjfk| mitkzig|& la`a fg lgdg zkfgtmug dk fg miukz|mi ki kf |kltaz ~ktzafkza } kf zkfgtmua
dktkzmaza a~kzglmaigf dk fg mid{|tzmg ~ktzafkzg ukikafgig)
:>
7;
7>
;
>
;
7>
7;
:>
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Ugzmglmi dkf ^MJ
Ugzmglmi dkf ^MJ~ktzafkza
Ugzmglmi dkf ^MJ ia~ktzafkza
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Ugzmglmi dkf ^MJ& dkf ^MJ ~ktzafkza } dkf ^MJ ia ~ktzafkza 7==2:>77
-
7/31/2019 Anlisis del entorno econmico venezolano
30/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
D{zgitk 7==8:>77& fg ~zad{llmi dk ~ktzfka ki Ukik{kfg& `kdmdg la`a kf ~za`kdma gi{gf ki`mffaik| dk jgzzmfk| dmgzma|& dm|`mi{} |mhimemlgtmug`kitk) Dmlbg ~zad{llmi gflgi fa| 77) K|tg ~zdmdg dk fglg~glmdgd dk ~zad{llmi dk gfzkdkdaz dk {i `mffi dk jgzzmfk| dmgzma| bg |mda hzgd{gf& ~kza |k bgglkit{gda& ~gzgdomlg`kitk& d{zgitk fa| ga| dkf zk~{itk `| fgzha } |a|tkimda dk fa| ~zklma| dkf
~ktzfka) \khi fg Ghkilmg Mitkziglmaigf dk Kikzhg "GMK& :>7:-& kitzk o{ima } gha|ta dkf :>7: fg~zad{llmi dk ~ktzfka ki Ukik{kfg gflgi {i ~za`kdma dk :&; `mffaik| dk jgzzmfk| dmgzma|& lai {i~atkilmgf dk lg~glmdgd dk ~zad{llmi ki tazia g fa| :&5 `mffaik| dk jgzzmfk| dmgzma|)
^zad{llmi"@mff)Jf!dg-
7==8 > >7 :>>: :&5:>>< :&>4 :&5:>>; :&5:>>5 :&;:>>8 :&4:>>2 :&4:>>= :&::>7> :&::>77 :&
>&;
7
7&;
:
:&;
> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
^zad{llmi~za`kdma gi{gf
dk ~ktzfka "ki`mff) jf!dg-
Kf t e t m tm f m t t t m d f t f tm f ^MJ t t f
-
7/31/2019 Anlisis del entorno econmico venezolano
31/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Ugz ^MJ"+- >&< 5 7:-)7;
7>
;
>
;
7>
7;
:>
:;
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Ugzmglmi dkf ^MJ
Ugzmglmi dkf ^MJ@gi{eglt{zg
Kf |kltaz `gi{eglt{zkza |k laiumztm ki kf `| m`~aztgitk ki tz`mia| dkf g~aztk zkfgtmua gf ^MJ tatgfki :>77) ^kza k|tg `g}az m`~aztgilmg zkfgtmug laitzg|tg lai fg lgdg dk fg `ghimt{d dk |{ ~gztmlm~glmiki kf ^MJ "75&28+ ki :>>7 ezkitk g 74&45+ ki :>77-) Fg `kz`g dk fg gltmumdgd klai`mlg dkf |kltaz |k~{kdk lazzajazgz gf lai|tgtgz w{k fa| tzgjgogdazk| al{~gda| ki fg mid{|tzmg `gi{eglt{zkzg ~zmugdgeaz`gf dm|`mi{}kzai dk =:=)>2 g 2=7)75< tzgjgogdazk| ki kf: |k`k|tzk dkf :>77 "4&7+-) Kf dk|k`~ka dkf ^MJ `gi{eglt{zkza bg k|tgda `{} umil{fgda gf
dk|k`~ka dkf ^MJ tatgf 7==2:>77& aj|kzuida|k {i zmt`a `| a `kia| |m`mfgz dk uafgtmfmdgd)
-
7/31/2019 Anlisis del entorno econmico venezolano
32/72
^az atzg ~gztk& |kltazk| la`a kf dk fg lai|tz{llmi bgi tkimda {i dk|k`~ka `{} uaftmf& milf{|a `g}azl{gida |k fk la`~gzg lai kf ^MJ tatgf) K|tk k| w{m| kf |kltaz w{k zk|~aidk lai `g}az |ki|mjmfmdgd g fg|ugzmglmaik| dk fg gltmumdgd klai`mlg ki hkikzgf } |k bg um|ta gekltgda ki fa| ftm`a ga| ~az ~aftmlg|dk k|tgtmglmi "mid{|tzmg lk`kitkzg-& kr~za~mglmaik|& fk}k| w{k bgi gekltgda kf `kzlgda mi`ajmfmgzma }laitzafk| dk ~zklma| dk fa| ~zmilm~gfk| mi|{`a| "lk`kita& lgjmffg& gzkig- w{k bgi hkikzgda lgdg dk fg
~zad{llmi } k|lg|k dk fa| `m|`a|) Gf mh{gf w{k ~gzg kf lg|a dk fg `gi{eglt{zg& |k ~{kdki um|{gfmgz{ia dk fa| ~zajfk`g| dkf dk|k`~ka dkf |kltaz lai|tz{llmi eaz`gf& gf lai|tgtgz fg dm|`mi{lmi dkk`~fka| al{zzmdg kitzk kf : |k`k|tzk dkf :>>2 } kf : |k`k|tzk dkf :>77? ;4&< 5&>
-
7/31/2019 Anlisis del entorno econmico venezolano
33/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Ugz ^MJ "+- >&< 5&> 7:-)
Lzklm`mkita dkf ^MJ dkf |kltaz dk fg| tkfkla`{imlglmaik| } lzklm`mkita dkf ^MJ tatgf 7==2:>77
7;
7>
;
>
;
7>
7;
:>
:;
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Ugzmglmi dkf ^MJ
Ugzmglmi dkf ^MJTkfkla`{imlglmaik|
Kf la`~aztg`mkita dkf |kltaz ghzlafg `kdmda ~az kf dk|k`~ka dk ~zad{llmi dk gfh{ia| z{jza|
-
7/31/2019 Anlisis del entorno econmico venezolano
34/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
4>&>+
&>+
:>&>+
7>&>+
>&>+
7>&>+
:>&>+
&>+
4>&>+
;>&>+
5>&>+
7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Lkzkgfk|
L{ftmua| tza~mlgfk|tzgdmlmaigfk|
Baztgfmg|
T{jzl{fa|
Hgigda
Z{jza|7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2// :>>= :>7> :>77
Lkzkgfk| 77&5+ 4&8+ + 5&5+ 72&>2 |ai k|tm`gda|)E{kitk? EKDKGHZA ":>7:-) G ~gztmz dk dgta| dk @GT } EGA)
-
7/31/2019 Anlisis del entorno econmico venezolano
35/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Fg| tg|g| dk ugzmglmi dk fg ~zad{llmi ghza~kl{gzmg& k|laidki kf bklba dk w{k fg ~zad{llmi `rm`ggflgigdg ~gzg l{gfw{mkz ga dk fg dlgdg :>>>:>7> k| |{~kzmaz& milf{|a `{} |{~kzmaz& g fg lmezg dk~zad{llmi gflgigdg ki kf :>77 ~gzg gfh{ia| z{jza|) K|tk eki`kia |k aj|kzug k|~klmgf`kitk ki faw{k zk|~kltg g fa| lkzkgfk|& fa| l{ftmua| tzgdmlmaigfk|& krlk~t{gida kf lglga& gfh{ia| tkrtmfk| }afkghmia|g|& ~ftgia } lg~zmia|) ^az kf laitgzma& fg hzgi `g}azg dk fa| z{jza| ghz{~gda| ki baztgfmg|&
ez{tgfk|& t{jzl{fa| } hzgia|& bgi kr~kzm`kitgda {i m`~aztgitk milzk`kita) Mh{gf`kitk& |k bgmilzk`kitgda |mhimemlgtmug`kitk fg ~zad{llmi dk fklbk& b{kua|& }& ki `kiaz `kdmdg& guk| } hgigdajaumia } ~azlmia) Ia aj|tgitk kf milzk`kita dk fg ~zad{llmi dk gfh{ia| z{jza| ghzlafg|& ki hkikzgf&kf |mhimemlgtmua milzk`kita dkf lai|{`a gfm`kitgzma dk fg ~ajfglmi ukikafgig ki fa| ftm`a| ga| |kbg |a~aztgda ki fg| m`~aztglmaik| ghzlafg| } dk gfm`kita| ~zalk|gda|)
^zad{llmi`rm`g/ ^zad{llmi:>77 Ugzmglmi
Gzza ":>>2-// 7))5;> 24;):;4 >&>+
Lgg dk glgz ":>>)>82 2)7>;- 4>)=85 :2)7>- 5;)8>: 4=)888 :4&:+
Lala ":>>8- 72=):=4 745);4> ::&5+
^ftgia ":>>>- 248);8= 4)=87 54&>+
/ Uaf{`ki dk ~zad{llmi ki taikfgdg|) //Kitzk ~gzitk|m| kf ga dk `rm`g ~zad{llmi :>>>:>7>)E{kitk? EKDKGHZA ":>7:-) G ~gztmz dk dgta| dk @GT } EGA)
^zad{llmi `rm`g :>>>:>7> zk|~klta g fg ~zad{llmi dkf :>77
-
7/31/2019 Anlisis del entorno econmico venezolano
36/72
Ki Ukik{kfg& fg tg|g dk dk|k`~fka dk fg| ftm`g| da| dlgdg| bg tkimda {ig tkidkilmg mik|tgjfkla`a zk|~{k|tg g fg ugzmgjmfmdgd dkf lzklm`mkita dk fg klaia`g } g ~zajfk`g| k|tz{lt{zgfk|zkfglmaigda|& kitzk atza|& lai fg| e{kztk| zmhmdklk| w{k krbmjk kf `kzlgda dk tzgjgoa& ~zad{lta dk fgg~fmlglmi dk {ig hzgi lgitmdgd dk zkh{fglmaik| fgjazgfk|) Fg tg|g dk dk|k`~fka ~az dkjgoa dk {idmhmta dk|dk kf :>>5& ia zkukfg w{k {ig j{kig ~gztk dkf k`~fka ki Ukik{kfg k| |{jk`~fka& `{}
zkfglmaigda lai kf k`~fka dkitza dkf |kltaz mieaz`gf dk fg klaia`g)
>
:
4
5
2
7>
7:
74
75
72
Tg|g dkdk|k`~fka7==::>77
Dk|k`~fka7==: 8&8+7==< 5&8+7==4 2&8+7==; 7>&&5+7==2 77&>+7=== 74&;+:>>> 7>7 7:&>: 75&:+:>>< 75&2+
:>>4 7;&>+:>>; 75 =&=+:>>8 2&2+:>>2 8&4+:>>= 8&;+:>7> 2&2+:>77 5&:+
E{kitk? MIK ":>7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Tg|g dk dk|k`~fka 7==::>77
^gzg kf ~kzmada : |k`k|tzk dkf :>>2 gf : |k`k|tzk dkf :>77 fg e{kzg dk tzgjgoa al{~gdg |k
-
7/31/2019 Anlisis del entorno econmico venezolano
37/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
^gzg kf ~kzmada : |k`k|tzk dkf :>>2 gf : |k`k|tzk dkf :>77& fg e{kzg dk tzgjgoa al{~gdg |kmilzk`kit dk 77)255; tzgjgogdazk| bg|tg 7:)4 tzgjgogdazk|& zk~zk|kitgida {i g{`kita dk4&4+) Fg ugzmglmaik| kitzk g`ja| ~kzmada| lai|mdkzgda| ki fg ~gztmlm~glmi dk fa| tzgjgogdazk| dkf|kltaz eaz`gf "~zmugda-& dkf |kltaz mieaz`gf } dkf |kltaz ~jfmla ki fg e{kzg dk tzgjgoa al{~gdg tatgfzkukfgi {ig fkuk lgdg dkf k`~fka ki kf |kltaz eaz`gf ~zmugda& w{k& glt{gf`kitk |fa zk~zk|kitg {i ~ala`| dk {i tkzlma dk fg ~ajfglmi tzgjgogdazg al{~gdg) Tg`jmi |k zkefkog fg ~kz|m|tkilmg dk fg tg|g dk
~gztmlm~glmi dkf k`~fka mieaz`gf ki tazia g 477& |afa :2&5+ dk fg ~ajfglmi klai`mlg`kitk gltmug dkf ~g|tkig {i imukf dk kd{lglmi kw{mugfkitk g tlimla a ~zaek|maigf {imukz|mtgzma) Kf |{jk`~fka } kf k`~fkamieaz`gf gekltg |ajzk tada g fa| tzgjgogdazk| dkf dklmf `| jgoa dk mihzk|a|)
Tzgjgogdazk| : |k`k|tzk:>>2
: |k`k|tzk:>77
Ugz)
\kltaz eaz`gf"~zmugda-
7:-)
D{zgitk :; ga| "7=25:>77- fg| tg|g| dk miefglmi dk fg klaia`g ukikafgig bgi |mda |{~kzmazk| g {i
-
7/31/2019 Anlisis del entorno econmico venezolano
38/72
D{zgitk :; ga| "7=25:>77- fg| tg|g| dk miefglmi dk fg klaia`g ukikafgig bgi |mda |{~kzmazk| g {idhmta& lai {i ~mla dk 7>:>77 fg| tg|g| dk miefglmidk fg klaia`g ukikafgig "ugzmglmaik| gl{`{fgdg| dmlmk`jzkdmlmk`jzk } dk|dk kf :>>2 `kdmdg| laikf idmlk iglmaigf dk ~zklma| gf lai|{`mdaz& MI^L- bgi |mda& la`~gzgtmug`kitk& `{lba `| gftg| w{k fg|zk|~kltmug| tg|g| dk miefglmi dk fa| K|tgda| [imda|& fg l{gf d{zgitk kf `m|`a ~kzmada ia e{kzai|{~kzmazk| g ;&;+ gi{gf) Fg jzklbg kitzk kf lzklm`mkita dk fa| ~zklma| mitkzia| lai zk|~klta g fa|
~zklma| krtkzia| iklk|gzmg`kitk |k zkefkog ki kf dk|kw{mfmjzma kitzk kf ugfaz dkf tm~a dk lg`jma ia`migf} kf tm~a dk lg`jma zkgf& g~zklmida|k k|tk ftm`a& gf ia ~zad{lmz|k kf go{|tk zkw{kzmda)
E{kitk? JLU ":>7: - } E@M ":>7:-)
7==> 7==7 7==: 7==< 7==4 7==; 7==5 7==8 7==2
Miefglmi [\G ;&4 4&: :&5 :&2 :&= :&< 7&;Miefglmi UKI > :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Miefglmi [\G :&: &>
:>&>
4>&>
5>&>
2>&>
7>>&>
7:>&>
7==> 7==7 7==: 7==< 7==4 7==; 7==5 7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
Tg|g dk miefglmi [\G7==>:>77
Tg|g dk miefglmi UKI7==>:>77
Tg|g dk miefglmi dk Ukik{kfg } dk K|tgda| [imda| 7==>:>77
F ft t d m ef m b d t t d m t f d
-
7/31/2019 Anlisis del entorno econmico venezolano
39/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Fg| gftg| tg|g dk miefglmi |k bgi hkikzgda ki {i laitkrta dk ~zklma| laitzafgda| ~gzg {ig hzgilgitmdgd dk fa| jmkik| } |kzumlma| zk~zk|kitgtmua| dk fg lgig|tg j|mlg } dk fg lgig|tg gfm`kitgzmg{tmfmgda| ~gzg kf lfl{fa dkf MI^L) Fg| tgzmeg| ~gzg fa| |kzumlma| j|mla| k|ti e{kztk`kitk |{j|mdmgdg|&~kza k| kf gfta |{j|mdma g fg hg|afmig kf w{k bg zkd{idgda ki `g}azk| la|ta|) Ukik{kfg k| kf ~g| lai kf~zklma dk fg hg|afmig `| jgzgta dkf `{ida) [i hgfi dk hg|afmig l{k|tg {i ~ala `| dk 2 lkitgua| dk
dfgz "lgfl{fgda gf tm~a dk lg`jma aemlmgf dk 4& J|![\D-& la`~gzgda lai fa| 8&; [\D w{k l{k|tg kf`m|`a hgfi dk hg|afmig ki Iaz{khg& 8 [\D ki Dmig`gzlg& ;&8 [\D ki Jzg|mf& a :&; [\D ki @rmla"la|ta| dkf :>7>-) Kf |{j|mdma g fg hg|afmig ki Ukik{kfg bg |{~{k|ta dkogz dk ~kzlmjmz ki kf :>77& |khiBkziidk ":>7:-& mihzk|a| ~az {i `aita dk 77>
=:&5
2:&;
87&7
58&;
;&5
45&4
44&2
44& 7> :> 4> ;> 5> 8> 2> => 7>>
Iaz{khg
Zkmia [imda
Jzg|mf
Og~i
Ckimg
Lbmfk\{dezmlg
Lbmig
Gzhkitmig
L{jg
Z{|mg
@rmla
C{xgmt
Mzi
E{kitk? Fkxm| Xmffmg`| ":>7>-)
Fg ugzmglmi dkf dmikza "@7? lmzl{fgitk `| dk~|mta| dk gbazza g fg um|tg } tzgi|ekzmjfk|- } dk fg
-
7/31/2019 Anlisis del entorno econmico venezolano
40/72
Ugz@7
Ugz@:
7==: 2&< 72&47==< 7>&5 :;&8
7==4 7&> ;5& >7 7>: 7=&8 7;&>< 84&8 ;8&;
:>>4 45&: ;>&4:>>; ;4&8 ;:&8
:>>5 744&; 7>4&>8 :4&: ::&>2 :8&8 :>= :7&5 74&7> 77 ;5&8 ;>&5
Fg ugzmglmi dkf dmikza "@7? lmzl{fgitk `| dk~|mta| dk gbazza g fg um|tg } tzgi|ekzmjfk|- } dk fgfmw{mdk `aiktgzmg "@: 0 @7 `| dk~|mta| dk gbazza ia tzgi|ekzmjfk|& g ~fga } lkztmemlgda| dk~gztmlm~glmi- d{zgitk kf ~kzmada 7==::>7> bg |mda `{} ~zai{ilmgdg)
E{kitk? JLU ":>7:-)
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
>
:>
4>
5>
2>
7>>
7:>
74>
75>
Ugzmglmigi{gf dk @7
Ugzmglmigi{gf dk @:
Ugzmglmi dkf dmikza "@7- } dk fg fmw{mdk `aiktgzmg "@:- 7==::>77
Kf |a|tkimda milzk`kita dk fg fmw{mdk `aiktgzmg eaz`g ~gztk dk fg| lg{|g| w{k bgi azmhmigda tg|g| dk
-
7/31/2019 Anlisis del entorno econmico venezolano
41/72
Kf |a|tkimda milzk`kita dk fg fmw{mdk `aiktgzmg eaz`g ~gztk dk fg| lg{|g| w{k bgi azmhmigda tg|g| dkmiefglmi ~az gzzmjg dk {i dhmta aj|kzugdg| ki fg klaia`g ukikafgig ki fg| da| ftm`g| dlgdg|) Fgkr~gi|mi a laitzgllmi dk fg fmw{mdk `aiktgzmg bg mief{mda& lai zkgha& ki kf milzk`kita dk fa|~zklma|) Fg tg|g dk miefglmi dk fa| ftm`a| ga| bg |mda `kdmdg ki {i k|lkigzma dk ~zklma| laitzafgda|~gzg {ig hzgi lgitmdgd dk jmkik| } |kzumlma| dk fg lgig|tg gfm`kitgzmg } j|mlg& dk `gikzg w{k kfmilzk`kita dk ~zklma| w{k ~{dmkzg hkikzgz kf g{`kita dk fg fmw{mdk |k uk gtki{gda ~az k|tg zgi)
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Ugz @7 Tg|g dkmiefglmi
7==: 2&< &5 4;&=7==4 7 8>&27==; 7 7>: 7=&8 >< 84&8 :8&7
:>>4 45&: 7=&::>>; ;4&8 74&4:>>5 744&; 78:>>8 :4&: ::&;:>>2 :8&8 &=:>>= :7&5 :;&7:>7> 77 ;5&8 :8&5
Ugzmglmi dk fg fmw{mdk `aiktgzmg } tg|g dk miefglmi 7==::>77
>
:>
4>
5>
2>
7>>
7:>
7==:
7==>>
:>>7
:>>:
:>>>4
:>>;
:>>5
:>>8
:>>2
:>>=
:>7>
:>77
Ugzmglmi dk fgfmw{mdk`aiktgzmg 7==::>77
Tg|g dk miefglmi7==::>77
E{kitk? JLU ":>7:-)
Fg |ajzkugfazglmi dkf tm~a dk lg`jma& {tmfmgda la`a gilfgok ia`migf dk fa| ~zklma| mitkzia|& fa l{gf bg
-
7/31/2019 Anlisis del entorno econmico venezolano
42/72
>
;>>
7>>>
7;>>
:>>>
:;>>
>>
>
4>>>
4;>>
;>>>
Tm~a dklg`jma
~za`kdmaJ|)![\D 7==77
Tm~a dk Lg`jmaJ|)![\D
7==< =7&7;7==4 742&2=7==; 785&2;7==5 478&;&8:>>> 58=&=>7 8:>: 7)75>&=;:>>< 7)5>2&5>4 7)22;&4=:>>; :)7>=&24:>>5 :)7;>:>>8 :)7;>:>>2 :)7;>:>>= :)7;>:>7> :)5>>
:>77 4)>
Fg |ajzkugfazglmi dkf tm~a dk lg`jma& {tmfmgda la`a gilfgok ia`migf dk fa| ~zklma| mitkzia|& fa l{gf bgeguazklmda kf gjgzgtg`mkita dk fg| m`~aztglmaik|& |k bg laiezaitgda lai ~kzmada| daidk |k glkitgi fa|dk|kw{mfmjzma| em|lgfk| } `aiktgzma|& fa l{gf bg |{~{k|ta g~fmlgz |{lk|mug| dkugf{glmaik|) K|tg|dkugf{glmaik| ia zk|{kfuki kf ~zajfk`g k|tz{lt{zgf dkf go{|tk em|lgf } {i ~azlkitgok dk fg `ghimt{d dk fgdkugf{glmi |k tzgi|`mtk gf ~zklma dk fg| `gtkzmg| ~zm`g| } jmkik| emigfk|& hkikzgida {ig `g}azmiefglmi) Lai|mdkzgida kf ~kzmada 7==77& |k aj|kzug w{k fg dkugf{glmi dkf tm~a dk lg`jma bg |mda
{ig lai|tgitk) Dk|dk ekjzkza dkf :>>< krm|tk {i zhm`ki dk tm~a dk lg`jma laitzafgda& lai {i |m|tk`gdk gd`mim|tzglmi dk fg| dmum|g| "LGDMUM-& dk|dk kf :>77 tg`jmi krm|tk {i `kzlgda ~gzgfkfa fkhgfa~kzgda ~az {i |m|tk`g dk tzgi|gllmi dk tt{fa| ugfazk| ki `aikdg krtzgiokzg "\MT@K } jaia| ^DU\G-)
E{kitk? JLU ":>7:-)Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Kuaf{lmi dkf tm~a dk lg`jma 7==77 "J|)![\D-
Zkh`kik| dk tm~a dk lg`jma ki Ukik{kfg 7=54:>7:
-
7/31/2019 Anlisis del entorno econmico venezolano
43/72
Ga Tm~a dk
lg`jma J\!$
Zhm`ki } aj|kzuglmaik| Ga Tm~a dk
lg`jma J\!$
Zhm`ki } aj|kzuglmaik|
7=547=2:
4& Emoa& lai gfh{ig| admemlglmaik| dkf TL~gzg kf la`kzlma dk lmkzta| z{jza|
7==5 4:5&;5 Kfm`miglmi dkf laitzaf dk lg`jma) [imemlglmidkf TL& |k m`~fk`kitg {i |m|tk`g dk jgidglg`jmgzmg
7=2>2&547:&; 48&78 Efkrmjfk lai efatglmi |{lmg :>>< 7)5>> Laitzaf dk lg`jma& "ekjzkza- |k m`~fk`kitg fgLa`m|mi dk Gd`mim|tzglmi dk Dmum|g| LGDMUM
7==7 ;5&=: Efkrmjfk lai efatglmi |{lmg :>>4 7)=:>
7==: 52&4> ^aftmlg dk `mimdkugf{glmaik|
"lzgxfmih ~kh-)
:>>;
:>>8
:)7;>
7==< =7&7;7>5 `mimdkugf{glmaik| :>>2:>>=
:&7; Lg`jma dkf laia `aiktgzma dk Jafugzk| "J|)- gJafugzk| E{kztk| "J|)E- :)7;> J| 0 :&7; J|)E
7==4 742&=4 \k m`~fk`kitg {i |m|tk`g dk |{jg|tg"kikza- ) Laitzaf dk lg`jma "o{ima-
:>7> :&5>4& Dkugf{glmi "kikza- da| tm~a| dk lg`jma
7==; 72>&4; Dkugf{glmi "dmlmk`jzk- :>77:>7:
4& [imemlglmi dkf TL } g~kzt{zg dk {i |m|tk`g dk~kz`{tg "\MT@K-
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
h ~
E{kitk? Jg~tm|tg ":>>>- } JLU ":>7:-)
\k bg kr~kzm`kitgda {ig kuaf{lmi eguazgjfk dk fg| zk|kzug| mitkziglmaigfk| l{gida |k ta`g ki l{kitg
-
7/31/2019 Anlisis del entorno econmico venezolano
44/72
Zk|kzug|"@mff)[\D-
EK@"@mff) [\D-
7==< 7:)5;5
7==4 77);>8
7==; =)8:>> 7;)22< 4);22:>>7 7:):=5 5)::8:>>: 7:)>>< :)2;8:>>< :>)555 8>>:>>4 ::>>; :=)55 >8 >2 4:):== 2:2:>>= >> 2
:>7> :=);>> 277 :=)22= >2) ^gzg emigfk| dk|k~tmk`jzk dkf :>7:& fg| zk|kzug| mitkziglmaigfk| laitgjmfmgzai :4)8;; `mffaik| dk dfgzk|& zkhm|tzgida{ig lgdg dk 7=&;+ l{gida |k la`~gzgi lai kf `m|`a ~kzmada ki kf :>77 ")8;8 `mffaik| dk dfgzk|-)\khi gfh{ig| k|tm`glmaik|& kf `aita a~kzgtmua dk fg| zk|kzug| gflgig ~gzg l{jzmz fg| m`~aztglmaik| dk{ia| ~ala| `k|k|) Ki 7===& lai fg lzkglmi dkf EK@ |k hkikz fg ~a|mjmfmdgd dk laitgz lai {i
laitmihkitk gitmllfmla gitk ~zajgjfk| |balc| ikhgtmua| ki fg dk`gidg } ki fa| ~zklma| dkf ~ktzfka) Iaaj|tgitk& kf hajmkzia fa dk|`gitkf ~g{fgtmig`kitk } dk|dk kf :>77 k|t mia~kzgtmua ki fg ~zltmlg)
>
;)>>>
7>)>>>
7;)>>>
:>)>>>
:;)>>>
)>>>
>>
4>)>>>
4;)>>>
Zk|kzug|Mitkziglmaigfk|7==77 "ki`mffaik| dk [\D-
Eaida dkK|tgjmfmglmi@glzaklai`mlg"EK@- 7===:>77"ki mffaik| dk[\D-
E{kitk? JLU ":>7:-)Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Zk|kzug| mitkziglmaigfk| } EK@ 7==77 "@mffaik| dk [\D-
-
7/31/2019 Anlisis del entorno econmico venezolano
45/72
Kitazia dk fg ~zad{ltmumdgd } dk fg la`~ktmtmumdgd
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Kf mihzk|a ~kz l~mtg dk Ukik{kfg "`kdmda ki dfgzk| lazzmkitk| lai kf `tada ^^G- t{ua {i
-
7/31/2019 Anlisis del entorno econmico venezolano
46/72
Mihzk|a^^G [\D
Mihzk|a^^G [\D
Mihzk|a^^G [\D
7=27 ;28> 7==7 8;2> :>>7 255>7=2: ;85> 7==: 822> :>>: 888>7=2< ;;;> 7==< 8=>> :>>< 8:>>7=24 ;5:> 7==4 858> :>>4 2;8>7=2; ;54> 7==; 2>;> :>>; =88>
7=25 5>5> 7==5 2>:> :>>5 77>>>7=28 5:4> 7==8 242> :>>8 7:7=22 58>> 7==2 242> :>>2 7:=7>7=2= 5>4> 7=== 2>4> :>>= 7:>7==> 52>> :>>> 2 :>7> 7:>4>
:>77 7:5:>
h ~ ~ " -milzk`kita dk 7&2+ d{zgitk 7=277==>& } dk 7&>+ d{zgitk 7==7:>>>& ~kzmada| d{zgitk kf l{gf kfmihzk|a ~zltmlg`kitk |k k|tgil) D{zgitk :>>7:>77 kf lzklm`mkita dk ;&8+ dkf mihzk|a |{~{|a {im`~aztgitk zk~{itk) Ta`gida ki l{kitg kf ~kzmada 7=27:>77& fg tg|g dk lzklm`mkita ~za`kdma gi{gf~gzg k|tg| tzk| dlgdg| k| dk :&8+) \khi |{ imukf dk mihzk|a "7:)5:> [\D ^^G& :>77- Ukik{kfg k| {i~g| dk mihzk|a `kdma gfta)
E{kitk? Jgila @{idmgf & Xazfd dgtgJgic":>7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Mihzk|a ~kz l~mtg dk Ukik{kfg 7=27:>77"[\D lazzmkitk|& ^^G-
>
:>>>
4>>>
5>>>
2>>>
7>>>>
7:>>>
74>>>
7
=27
7
=2>>
:
>>:
:
>>4
Mihzk|a ~kzl~mtg7=27:>77& [\Dlazzmkitk
Ki 7=27 Ukik{kfg tkig kf `g}az mihzk|a ~kz l~mtg "`kdmda ki dfgzk| lazzmkitk|& ^^G- dk \{zg`zmlg
-
7/31/2019 Anlisis del entorno econmico venezolano
47/72
^g|k| 7=27 :>77 @ftm~fa
Ukik{kfg ;)28> 7:)5:> :&:
Gzhkitmig 4)88> 78):;> 8> 4)=:> :&4Jzg|mf 77);>> 75)75> 5&4
Lafa`jmg :)8 =)54> 2) :&=
^gzgh{g} :):5> ;) :&4
^kz > 7>)75> => 74)84> 4&5
B{ihzg ;);;> :>) :4); 4& 7;)7=> ;&=
Lazkg dkf \{z :)58> ):=> 77&4
E{kitk? Jgila @{idmgf & Xazfd dgtgJgic":>7:- } lfl{fa| ~za~ma|)
} h ~ ~ " -} kzg |{~kzmaz gf dk @rmla } ^gig`) Tkig {i mihzk|a zkfgtmug`kitk |m`mfgz gf dk B{ihzg } ^azt{hgf }`| dkf dajfk dkf zk|~kltmua mihzk|a dk @gfg|mg } Lazkg dkf \{z) Tzk| dlgdg| dk|~{|& Ukik{kfg k||{~kzgdg ki mihzk|a ~kz l~mtg ~az Gzhkitmig& Lbmfk } [z{h{g}& gf mh{gf w{k ~az @rmla } ^gig`) Ki kf:>77 kf mihzk|a dk B{ihzg }g kzg {i 4>+ |{~kzmaz gf ukikafgia3 kf mihzk|a dk ^azt{hgf kf dajfk& kf dk@gfg|mg {i :>+ |{~kzmaz } kf dk Lazkg dkf \{z :&4 uklk| `| gfta) Ukik{kfg e{k kf ~g| dk fg `{k|tzg
w{k t{ua kf `ftm~fa `| jgoa ~gzg kf lzklm`mkita dk |{ mihzk|a ~kz l~mtg ki kf ~kzmada 7=27:>77)
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Mihzk|a ~kz l~mtg 7=27 } :>77 "[\D lazzmkitk|-) Ukik{kfg } ~g|k| |kfkllmaigda|
>
;)>>>
7>)>>>
7;)>>>
:>)>>>
:;)>>>
)>>>
>>
Mihzk|a ~kzl~mtg 7=27
Mihzk|a ~kzl~mtg :>77
Kf `ghza lzklm`mkita dkf mihzk|a ~kz l~mtg dk Ukik{kfg ki fg| ftm`g| tzk| dlgdg|& bg k|tgda
-
7/31/2019 Anlisis del entorno econmico venezolano
48/72
g|almgda& kitzk atza| egltazk|& gf lzklm`mkita ikhgtmua dk fg ~zad{ltmumdgd& lai|mdkzgida kf ugfazghzkhgda ~az ~kz|aig k`~fkgdg } kf ugfaz ghzkhgda ~az bazg tzgjgogdg ~gzg kf ~kzmada 7=287==; }7==::>>>) F{kha |k zkl{~kzg } lzklk ~a|mtmug`kitk d{zgitk :>>>:>>2& g{iw{k kf :>>= } :>7> bgizk~zk|kitgda {i i{kua dklzklm`mkita dk 4&4+ } >>
UgfazGhzkhgda~az bazg
tzgjgogdg7==::>>>
UgfazGhzkhgda
~az ~kz|aigk`~fkgdg:>>>:>>2
UgfazGhzkhgda~az bazgtzgjgogdg:>>>:>>2
K|~gg :&7 :&< 7&7 7&: >&: >&=
Mzfgidg &= 2&=
Midmg
@rmla >&7 >&< 7&7 >&2 >&5 >&5
Lafa`jmg >&8 >&= >&5 >&8 :&< :&&: >&5 7&= :&7 >&2 >&2
Ukik{kfg >&8 >&5 :&< :&;
-
7/31/2019 Anlisis del entorno econmico venezolano
49/72
dk fg ~ajfglmi) G{iw{k fg tg|g dk k|lafgzmdgd ~za`kdma "ga| dk kd{lglmi- dk fg ~ajfglmiukikafgig g{`kit d{zgitk kf ~kzmada 7=5>:>7> ia fa bma g {i zmt`a |{emlmkitk la`a ~gzggflgigz fg| tg|g| dk k|lafgzmdgd w{k krbmjki fa| ~g|k| dk|gzzaffgda|& k|t ~az dkjgoa dk fg tg|g dkk|lafgzmdgd ~za`kdma dk G`zmlg Fgtmig } kf Lgzmjk "GFL- } bg |mda |{~kzgdg ~az ~g|k| w{k tkigi ki7=5> {ig tg|g dk k|lafgzmdgd miekzmaz "Lafa`jmg& Lbmig-) ^az atzg ~gztk& |khi {i mieaz`k dk fg
[IMLKE& ki Ukik{kfg {i ima dk fa| k|tzgta| |almaklai`mla| gfta| dk fg aig {zjgig tmkik {ig gftg~zajgjmfmdgd dk tkikz alba "2- ga| `| dk k|lafgzmdgd w{k {i ima dk fa| k|tzgta| |almaklai`mla|jgoa| dk fg aig {zjgig)
^g|k| 7=5> 7=2> :>>> :>7> Ugz
K|tgda| [imda| =&7; 7:&>< 7:&87 7:&:>
-
7/31/2019 Anlisis del entorno econmico venezolano
50/72
^g|k| :>>> :>7> ~za`kdma
Lbmig >&4;5 >&442 >&4;:
Lazkg dkf \{z >& >&4&47&&&&;87 >&;>; >&;&22; >&2>< >&244
@rmla >&&47> >&&;;: >&;28 >&;8>
Jafmumg >&8;4 >&2 >&8=:
Jzg|mf >&;7> >&;7= >&;7;Lbmfk >&848 >&8;2 >&8;&5&54> >&5&8;= >&872 >&8&858 >&84= >&8;2
^kz >&824 >&85: >&88&574 >&58: >&54&8=2 >&85: >&82>
la`~ktmtmumdgd mitkziglmaigf) [i midmlgdaz dk la`~ktmtmumdgd k| kf idmlk dk dmukz|memlglmi dk fg|kr~aztglmaik|& kf l{gf `mdk w{k tgi dmukz|memlgdg| |ai fg| kr~aztglmaik| dk {i ~g| lai jg|k ki kfi`kza dk ~zad{lta| w{k kr~aztg ki zkfglmi lai kf tatgf dk ~zad{lta| kr~aztgda| g imukf `{idmgf) [iidmlk dk > |kzg {ig |mt{glmi ki fg w{k {i ~g| kr~aztg fg tatgfmdgd dk ~zad{lta| kr~aztgda| g imukf`{idmgf& 7 |kzg {ig |mt{glmi ki fg w{k {i ~g| ia kr~aztg imihi ~zad{lta) Kitzk `| lkzlgia g 7 |kg
kf idmlk `kia| dmukz|memlgdg ki kr~aztglmaik| |kz fg klaia`g dk {i ~g|) Fg klaia`g ukikafgigtmkik {i jgoa idmlk dk dmukz|memlglmi dk kr~aztglmaik|& lai|mdkzgida fa| ga| :>>> } :>7> } kila`~gzglmi lai fa| dk`| ~g|k| |{zg`kzmlgia| } ~g|k| dk|gzzaffgda|)
E{kitk? [ILTGD ":>77-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gz {mig)
idmlk dk dmukz|memlglmi dk kr~aztglmaik|& Ukik{kfg } ~g|k| |kfkllmaigda|& :>>> } :>7>
Fg ~gztmlm~glmi zkfgtmug dk fg| kr~aztglmaik| dk `gi{eglt{zg| ki kf tatgf dk kr~aztglmaik|
-
7/31/2019 Anlisis del entorno econmico venezolano
51/72
:>>5 :>7>
Gzhkitmig &; 7>&4
Lafa`jmg &8
^kz 7:&> 7>&=
[z{h{g} >5 } :>7>& `{k|tzgi w{k fg klaia`g ukikafgig |k bg w{kdgda zkghgdg kizkfglmi gf dmig`m|`a kr~aztgdaz dk |{ |kltaz `gi{eglt{zkza) ^az kf laitzgzma& g ~k|gz dk w{k ki fg~zltmlg bg a~kzgda {i ~zalk|a dk lmkzta imukf dk zk~zm`gzmglmi dk fg| kr~aztglmaik||{zg`kzmlgig|& la`a keklta e{idg`kitgf`kitk dkf mitkzlg`jma la`kzlmgf lai Lbmig& atza| ~g|k||{zg`kzmlgia| la`a Gzhkitmig } Jzg|mf }& ki `kiaz `kdmdg [z{h{g} } Lafa`jmg & `gitmkiki {i imukf
zkfgtmua m`~aztgitk dk kr~aztglmi dk `gi{eglt{zg| |ajzk fg| kr~aztglmaik| tatgfk|)
E{kitk? LK^GF ":>7:-)
/Ia bg} dgta zkhm|tzgda ki kf Gi{gzma ~gzg kf ga :>7>)
^gztmlm~glmi dk fg| kr~aztglmaik| `gi{eglt{zkzg| ki fg| kr~aztglmaik| tatgfk| "ki ~azlkitgok-)Ukik{kfg } dk`| ~g|k| |{zg`kzmlgia| :>>5 } :>7>)
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Kf ~azlkitgok dk fg| kr~aztglmaik| dk ~zad{lta| dk gftg tkliafahg lai zkfglmi gf tatgf kr~aztgda dk
-
7/31/2019 Anlisis del entorno econmico venezolano
52/72
7==> :>>> :>7>
Gzhkitmig =+ =+
Jafmumg ;+
Jzg|mf 8+ 7=+ 74+
Lbmfk ;+ & :>>> } :>7>
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Kf k|t{dma dkf Xazfd Klaia`ml Eaz{` "XKE- |ajzk fg la`~ktmtmumdgd mitkziglmaigf gjgzlg fa| |mh{mkitk|
-
7/31/2019 Anlisis del entorno econmico venezolano
53/72
midmlgdazk|? 7- Mi|tmt{lmaik|3 :- Miezgk|tz{lt{zg3
-
7/31/2019 Anlisis del entorno econmico venezolano
54/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Ki da| g|~klta| lfguk| dk fg la`~ktmtmumdgd? kf zaf w{k l{`~fki fg| mi|tmt{lmaik| } fg lgfmdgd dk fgmiezgk|tz{lt{zg& Ukik{kfg krbmjk ugfazk| ~gzg fa| midmlgdazk| "ki fg k|lgfg dkf 78- dkemlmkitk|&la`~gzgda lai fa| ~g|k| `| la`~ktmtmua| k milf{|a ~gzg fa| k|tidgzk| dk fg zkhmi dk GFL)
La`~ktmtmumdgd ki gfh{ia| midmlgdazk| zkfglmaigda| lai fg| mi|tmt{lmaik| } fg lgfmdgd dk fg miezgk|tz{lt{zg:>7::>7-
Ukik{kfg/
Emifgidmg
Lazkg dkf \{z
Lbmfk
Lafa`jmg
Fg AI[DM kfgjazg kf idmlk dk Zkidm`mkita Mid{|tzmgf La`~ktmtmua "MZML-& jg|gda ki? 7- lg~glmdgd
-
7/31/2019 Anlisis del entorno econmico venezolano
55/72
mid{|tzmgf& `kdmda ~az kf ugfaz `gi{eglt{zkza ~kz l~mtg3 :- lg~glmdgd dk kr~aztglmi dk `gi{eglt{zg|&`kdmda ~az fg kr~aztglmi dk `gi{eglt{zg| ~kz l~mtg3 >; } :>>= ~gzg Ukik{kfg } ugzma|~g|k| zkukfg fg jgog la`~ktmtmumdgd zkfgtmug dkf |kltaz mid{|tzmgf `gi{eglt{zkza ukikafgia)
Zgicmih ^g| :>>; :>>=
7 \mihg~{z >&5&54:
: K|tgda| [imda| >&55> >&5&557 >&5:2
4 Gfk`gimg >&;=2 >&;=8
; Lbmig >&457 >&;;8
8 Lazkg dkf \{z >&4&42>:= K|~gg >&:=< >&:=7
@rmla >&:25 >&:25
47 La|tg Zmlg >&:>2 >&:7;
44 Jzg|mf >&:7: >&:>:
84 Lafa`jmg >&74> >&7&7&7
-
7/31/2019 Anlisis del entorno econmico venezolano
56/72
"^]@K-& k|t `{} zkfglmaigdg lai fg eglmfmdgd dk gllk|a gf lzdmta w{k ~{kdgi tkikz) Da| midmlgdazk|dkf imukf dk gllk|a emigilmkza ki {ig klaia`g |ai ? 7- dk~|mta| |ajzk ^MJ } :- lzdmta |ajzk ^MJ) Fa|~azlkitgok| ~gzg Ukik{kfg& ki kf :>77& |ai 4>&>+ } :5&>+ zk|~kltmug`kitk3 `{} g fg ghg dk fa|~azlkitgok| gflgigda| ~az Lbmig } ki ~g|k| dk|gzzaffgda| la`a K|~gg& Iaz{khg } Lazkg dkf \{z)Gdk`|& ~kza ki `kiaz `kdmdg& ~az dktz| dk fa| ~azlkitgok| w{k krbmjki ~g|k| k`kzhkitk| la`a
Jzg|mf& Midmg } Z{|mg) Fg k|lg|g ~zae{idmdgd emigilmkzg dk fg klaia`g ukikafgig tg`jmi |k g~zklmgki fg zkfgtmug`kitk jgog tg|g dk jgilgzmglmi "~azlkitgok dk fg ~ajfglmi gd{ftg w{k ~a|kk {igl{kitg jgilgzmg- fg l{gf zaidg kf ;>+) \k k|tm`g w{k |afa gfzkdkdaz dk 7;:>+ dk fg| ^]@Kukikafgig| gllkdk g gfhi tm~a dk lzdmta eaz`gf)
Dk~|mta|!^MJ "ki ~azlkitgok- ":>77- Lzdmta!^MJ "ki ~azlkitgok- ":>77-
E{kitk? E@M& Emigilmgf Gllk|| \{zuk}":>7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
82&:+
::&8+
4&>+ 7>>&>+ 7;>&>+ :>>&>+
K|~gg
Gzhkitmig
^afaimg
Jzg|mf
Lbmfk
Lafa`jmg
Midmg
Z{|mg
^kz
Lbmig
Ukik{kfg
La|tg Zmlg
Iaz{khg
@rmla
Lazkg dkf \{z
744&;+
7=&=+
;:&5+
4>&+
2&8+
:5&>+
45&5+
5;&>+
72&2+
=>&8+
>&>+ :>&>+ 4>&>+ 5>&>+ 2>&>+ 7>>&>+ 7:>&>+ 74>&>+
K|~gg
Gzhkitmig
^afaimg
Jzg|mf
Lbmfk
Lafa`jmg
Midmg
Z{|mg
^kz
Lbmig
Ukik{kfg
La|tg Zmlg
Iaz{khg
@rmla
Lazkg dkf \{z
Ki {i g|~klta lfguk dk fg la`~ktmtmumdgd mitkziglmaigf& la`a k| kf dk|gzzaffa "{|{gzma|& dm|~aimjmfmdgd&
-
7/31/2019 Anlisis del entorno econmico venezolano
57/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
zkh{fglmaik|& ikhalma|& lg~glmtglmi& miezgk|tz{lt{zg- ki kf `jmta dk fg| tkliafahg| dk mieaz`glmi }la`{imlglmi "TML-& Ukik{kfg |k kil{kitzg ki lfgzg dk|ukitgog dk atza| ~g|k|) Tbk Hfajgf Mieaz`gtmaiTklbiafah} Zk~azt :>7>:>77& {i k|t{dma kfgjazgda ~az kf XKE& gigfmg ugzma| g|~klta| zkfglmaigda|lai fg la`~ktmtmumdgd dk fg| TML& kitzk atza|? 7- dm|~aimjmfmdgd dk fg ftm`g| tkliafahg|3 :- ~zatkllmidk fg ~za~mkdgd mitkfklt{gf3 - |kzumlma| dkf hajmkzia ki fikg) Fa|~g|k| `| la`~ktmtmua| ki l{gita g fg dm|~aimjmfmdgd } {|a dk zkl{z|a| zkfglmaigda| lai fg| TML |ai?\{klmg& \mihg~{z& Emifgidmg& \{mg& K|tgda| [imda|& Tgmxi& Dmig`gzlg& Lgigd& Iaz{khg } Lazkg dkf \{z)Kf ~g| fgtmiag`kzmlgia `koaz ~a|mlmaigda k| Lbmfk "7 `koaz- 88 >&
E{kitk? XKE ":>77-)
Ugzma| midmlgdazk| dk la`~ktmtmumdgd ki dm|~aimjmfmdgd } {|a dk TML ki Ukik{kfg :>7>:>77
-
7/31/2019 Anlisis del entorno econmico venezolano
58/72
Lfm`g dk ikhalma| } dk miukz|maik|
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Kf lfm`g dk ikhalma| } dk miukz|maik| zk`mtk g gigfmgz w{ tgi elmf a dmelmf k| bglkz ikhalma| } zkgfmgz
-
7/31/2019 Anlisis del entorno econmico venezolano
59/72
miukz|maik| ki {i dktkz`migda ~g|& zkhmi a tkzzmtazma) Kf Jgila @{idmgf kfgjazg dk|dk kf :>>4 kfDamih J{|mik|| ^zaokltw{k k| {i k|t{dma la`~gzgtmua dk fa| aj|tl{fa| "zkh{fglmaik|& tz`mtk|& la|ta|-krm|tkitk| ki {ig klaia`g ~gzg zkgfmgz ikhalma| k miukz|maik|) Kf Damih J{|mik|| k|t laieaz`gda~az 7> midmlgdazk|? 7- G~kzt{zg dk {i ikhalma3 :- @gikoa dk ~kz`m|a| dk lai|tz{llmi3 - Zk|af{lmi dkmi|afukilmg|) Ki Damih J{|mik|| :>7&>
Lbmfk &>Lafa`jmg 57 2 7< 8&< >&>
H{gtk`gfg 78: 7: 4> 42&7 :>&=
K|~gg 7 :2 4&8 7&5 >&>
Imhkzmg 77= 2 &4 >&>
G~kzt{zg dk {i Ikhalma) Ukik{kfg } ~g|k| |kfkllmaigda|
E{kitk? Jgila @{idmgf& Damih J{|mik|| :>7< ":>7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Ki Ukik{kfg ia |afa k| dmelmf gjzmz {i ikhalma& dgdg fg hzgi lgitmdgd dk tz`mtk| w{k bg} w{k
-
7/31/2019 Anlisis del entorno econmico venezolano
60/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
zkgfmgz } kf fgzha tmk`~a zkfgtmua w{k ffkug bglkz dmlba| tz`mtk|& tg`jmi k| dmelmf } kihazza|a kftzgtg`mkita dk fg| |mt{glmaik| dk mi|afukilmg a w{mkjzg dk k`~zk|g|) Kf midmlgdaz dk zk|af{lmi dkmi|afukilmg| k|t la`~{k|ta dk tzk| |{jidmlk|? g- kf tmk`~a ~za`kdma "ki ga|- w{k ffkug lkzzgz {igk`~zk|g3 j- kf la|ta ~za`kdma "la`a ~azlkitgok dk fa| jmkik|- dk fa| ~zalkdm`mkita| dk w{mkjzg } l-fg tg|g dk zkl{~kzglmi "ki lkitgua| ~az dfgz- dk fa| glzkkdazk|& ghkilmg tzmj{tgzmg } k`~fkgda| dk{ig k`~zk|g mi|afukitk)
ZgicmihMidmlgdaz
Tmk`~a"ga|-
La|ta"+ jmkik|-
Tg|g dkzkl{~kzglmi
"lkitgua| ~az dfgz-
Ukik{kfg 75< 4&> 7: 7;&=
Lafa`jmg :7 7&< 5 85&:
@rmla :5 7&2 72 58& 7&; 77 85&;
K|tgda| [imda| 75 7&; 8 27&;
Midmg 775 4&< = :5&>
Og~i 7 >&5 4 =:&2
T{zw{g 7:4
-
7/31/2019 Anlisis del entorno econmico venezolano
61/72
ZgicmihMidmlgdaz
^zalkdm`mkita|"i`kza-
Tmk`~a"dg|-
La|ta"+ mihzk|a ~!bgj)-
Ukik{kfg 7>= 7> 2&;
^gzgh{g} 87 7: 7
Tgmxi "Lbmig- = 77 =4 75&7>& lai|mdkzgida |{jmidmlgdazk| la`a kf hzgda dktzgi|~gzkilmg dk fg| tzgi|gllmaik|& fg zk|~ai|gjmfmdgd dk fa| dmzkltmua| } fg| eglmfmdgdk| ~gzg w{k fa|gllmaim|tg| `miazmtgzma| ~{kdgi kitgjfgz o{mlma| laitzg |ta|) Ukik{kfg krbmjk {ig |mhimemlgtmugdkjmfmdgd ki l{gita g fg ~zatkllmi dk k|tk tm~a dk miukz|maik| "~za`kdma |m`~fk dk :&< dk fa| tzk|
|{jidmlk|-) Ki laitzg|tk& Lafa`jmg dk|tglg ~az fg g`~fmg ~zatkllmi w{k jzmidg g fa| miukz|maim|tg|&milf{|a |{~kzmaz g fg dk ~g|k| dk|gzzaffgda| la`a K|~gg } k`kzhkitk| la`a Z{|mg)
/Fa| ugfazk| dk fa| midmlgdazk| kitzk ~gzitk|m| lazzk|~aidki g Ukik{kfg)E{kitk? Jgila @{idmgf& Damih J{|mik|| :>7< ":>7:-)
>
7
:
-
Eglmfmdgd ~gzg o{mlma dkgllmaim|tg| ":&>-
Eaztgfkg dk ~zatkllmidk miukz|azk| ":&
-
7/31/2019 Anlisis del entorno econmico venezolano
63/72
ZgicmihMidmlgdaz
^gha| "i`kza~az ga-
Tmk`~a "bazg|~az ga-
Ukik{kfg 72; 87 8=:
Gzhkitmig 74= = 4>;
Jafmumg 72> 4: 7)>:;Jzg|mf 7;5 = :)5>>
Lafa`jmg == = :> 7:-)
Kf la`kzlma tzgi|ezaitkzma k| {i midmlgdaz w{k `mdk fa| la|ta| } fa| ~zalkdm`mkita| k|tidgz ~gzg f d e f d
-
7/31/2019 Anlisis del entorno econmico venezolano
64/72
ZgicmihMidmlgdaz
Dal{`kita|~gzgkr~aztgz"i`kza-
Tmk`~a~gzgkr~aztgz"dg|-
La|ta| dkkr~aztglmi"$ [\ ~azlaitkikdaz-
Dal{`kita|^gzgm`~aztgz"i`kza-
Tmk`~a~gzgm`~aztgz"dg|-
La|ta| dkm`~aztglmi"$ [\ ~azlaitkikdaz-
Ukik{kfg 755 2 4= :);=> = 87 :)252Lafa`jmg =7 ; 74 :):;; 5 7< :)2
^kz 5> 5 7: 2=> 5 78 22>
La|tg Zmlg ;7 5 7< 7)> 5 74 7)>:>
K|~gg 5 = 7)
Lgigd 44 < 8 7)57> 4 77 7)55>
Iaz{khg :7 4 8 7)7:; ; 8 7)7>>
Baih Caih : 4 ; ;8; 4 ; ;5;
Lazkg dkf \{z < < 8 55; < 8 5=;
Gzhkfmg 7:= 2 78 7):5> = :8 7)7:-)
Ukik{kfg tmkik {ig klaia`g w{k k| lfg|memlgdg la`a {ig klaia`g zk~zm`mdg ki kf idmlk dkFmj d m f j b B m d m dm d d 7>
-
7/31/2019 Anlisis del entorno econmico venezolano
65/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Fmjkztgd Klai`mlg w{k kfgjazg Tbk Bkzmtghk Ea{idgtmai) K|tk idmlk ghzkhgda k|tg la`~{k|ta dk 7>midmlgdazk| zkfglmaigda| lai fg fmjkztgd klai`mlg& ghz{~gda| ki l{gtza dm`ki|maik|? g- K|tgda dkdkzklba? 7- Dkzklba| dk ~za~mkdgd3 :- Fmjkztgd ezkitk g fg lazz{~lmi3 j- Fm`mtglmi gf hajmkzia? - Fmjkztgd emigilmkzg) Ki kf mieaz`k dkf :>7:& Ukik{kfg ajt{ua {ig ~{it{glmi dk 7>> ~{ita| } al{~ fg ~a|mlmi 784 kitzk 724 iglmaik| kugf{gdg|) Fg egftg dkfmjkztgdk| klai`mlg| milmdk ikhgtmug`kitk ki kf dk|k`~ka dk fg klaia`g ukikafgig)
idmlk dk Fmjkztgd Klai`mlg :>7: ~gzg gfh{ia| ~g|k| dk|gzzaffgda| } dk G`zmlg Fgtmig
^g| ^{k|ta ^{ita| ^g| ^{k|ta ^{ita| ^g| ^{k|ta ^{ita|
Baih Caih 7 2=&= K|~gg
Lbmfk 8 82&< H{gtk`gfg 2: 5>&= Mzi 787 4:& 87: :>77::>7>>:>77 Ukik{kfg |k zkgh dk eaz`g `gzlgdg ki fg
-
7/31/2019 Anlisis del entorno econmico venezolano
67/72
GA\ GZH JAF JZG LBM LAF KL[ ^Z] ^KZ [Z[ UKI:>>> 7>)472&< 8 7>4&7 2>=&8 :87&>:>>7 :)755&7 8>&: :);;>&> :)7>< 7)5;:&> 7=4&= 7>)74&; 287&; :;&> 7)4>&>:>>4 4)7:4&8 2:&5 72)74;&= 8)78:&8 7;&5 2 ; ;):5;&< :=>&2 7;)>55&< 5)=2):;:&> 4=>5 ;); :87&4 =;&> :>>8 5)48>2 =)8:;&5 ;>8&5 4;)>;2&: 7;)7;>&> 7>)57=&5 7)>>;&2 :>2&; 5)=:;&8 7)7=;&>
:>>= 4)>78&: 4:;&8 :;)=42&5 7:)284&> 8)77> 8)>;;&> 587&2 42);>5&> 7;)>=;&> 5)2==&< 7;8&4 ::8&2 8) :)42=&>:>77 8):4&> 78):==)> 7
E{kitk? LK^GF ":>7:- } lfl{fa| ~za~ma|
krtzgiokzg dmzkltg "MKD-) Lai|mdkzgida kf ~kzmada :>>> :>77& Ukik{kfg |k zkgh dk eaz`g `gzlgdg ki fglg~tglmi dk MKD la`~gzgda lai atza| ~g|k| |{zg`kzmlgia| la`a Jzg|mf& Gzhkitmig& Lbmfk& Lafa`jmg } ^kz)Dk bklba& e{k fg imlg klaia`g dk fg| `kilmaigdg| w{k kr~kzm`kit& ki kf :>>=& {ig dk|miukz|mi dk MKD)
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
MKD "ki @mffaik| dk [\D- Ukik{kfg } dk`| ~g|k| |{zg`kzmlgia|& :>>>:>77 } gl{`{fgda
>
;>>>>
7>>>>>
7;>>>>
:>>>>>
:;>>>>
>>>>
>>>
4>>>>>
GZH JAF JZG LBM LAF KL[ ^Z] ^KZ [Z[ UKI
MKD Gl{`{fgdg^g|k|\{zg`kzmlgia|:>>>:>77
Fg klaia`g ukikafgig tg`jmi bg tkimda |kzmg| dmeml{ftgdk| zkfglmaigdg| lai fg e{hg dk lg~mtgfk|&f ef o d tm d d mt df f d f G d f
-
7/31/2019 Anlisis del entorno econmico venezolano
68/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
w{k |ai fa| ef{oa| dk gltmua| ki `aikdg| } dk~|mta| ki dfgzk| w{k |gfki dkf ~g|) G ~k|gz dk fgkrm|tkilmg dk {i laitzaf dkf tm~a dk lg`jma dk|dk kf :>>>8& la`a fa
zkukfgi fa| dgta| zk|~kltmua| dkf ~kzmada :>>>:>77) \k k|tm`g w{k d{zgitk k|tk ~kzmada fg |gfmdg dklg~mtgfk| e{k dkf azdki dk 7;>)>>> `mffaik| dk dfgzk|)
>
;)>>>
7>)>>>
7;)>>>
:>)>>>
:;)>>>
:>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
\gfmdg dk lg~mtgfk| :>>>:>77 "@mffaik| dk [\D-
Ga| :>>> :>>7 :>>: :>>< :>>4 :>>; :>>5 :>>8 :>>2 :>>= :>7> :>77
\gfmdg dk lg~mtgfk|"@mff $-/ 8)= =)4=: :)247 8)844 77);>4 5);=8 75);>2 72):52 :
-
7/31/2019 Anlisis del entorno econmico venezolano
69/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
^g| K@JM72!7>!7:
K@JMbglk => ==7
Jzg|mf 74 :45
Lbmfk 7 7=5
Kl{gdaz 858 2;7 2=:
@rmla 7
^kz =7 75; :7>
Ukik{kfg =:2 7)7>> 7):;5
>
:>>
4>>
5>>
2>>
7>>>
7:>>
74>>
72!7>!:>7:
Bglk < `k|k|
Bglk 7 ga
E{kitk? Lk|fg ":>7:-)
{ig ~a|mlmi dk dkeg{ft "m`~gha-& lai zk|~klta g |{ dk{dg k`mtmdg `kdmgitk mi|tz{`kita| emigilmkza|&k|~klmgf`kitk jaia|& w{k |ai lafalgda| ki fa| `kzlgda| mitkziglmaigfk|) Kf zmk|ha ~g|& k|tm`gda lai kfK`kzhmih @gzckt Jaid Midkr"K@JM-& ~gzg Ukik{kfg `{k|tzg w{k k| kf `| kfkugda kitzk fg| klaia`g|k`kzhkitk| dk \{zg`zmlg) G ~k|gz w{k g fa fgzha dk {i ga bg dm|`mi{mda {i ~ala `| dk > ~{ita|j|mla| "~j-& fg ~zm`g dk zmk|ha w{k krmhki glt{gf`kitk fa| miukz|maim|tg| ~az fa| jaia| dk dk{dg
ukikafgia| k| kw{mugfkitk g =:2 ~j& k| dklmz& =&:2+ dk tg|g dk mitkz| gdmlmaigf g fg tg|g dk mitkz| w{k~ghg {ig fktzg dkf tk|aza iaztkg`kzmlgia)
K@JM gf 72!7>!7:& bglk < `k|k| } bglk 7 ga dk Ukik{kfg } ugzma|~g|k| k`kzhkitk| |{zg`kzmlgia|
^gzgdomlg`kitk& |mkida kf mihzk|a ~ktzafkza kf ~zmilm~gf lafgtkzgf w{k zk|~gfdg fg lafalglmi dk jaia|dk fg dk{dg ~jfmlg krtkzig ukikafgig& |m |k gigfmg kf ~kzmada :>>>:>77& fg ugzmglmi dkf mihzk|a
-
7/31/2019 Anlisis del entorno econmico venezolano
70/72
dk fg dk{dg ~jfmlg krtkzig ukikafgig& |m |k gigfmg kf ~kzmada :>>> :>77& fg ugzmglmi dkf mihzk|a~ktzafkza |k bg lazzkfglmaigda dk `gikzg m`~kzekltg lai kf idmlk dk zmk|ha ~g| "~za`kdma dkf ga-) KfK@JM |k bg kfkugda ki gfh{ia| ga| ki fa| w{k kf mihzk|a ~ktzafkza tg`jmi |k bg milzk`kitgda)K|~klmgf`kitk g ~gztmz dkf :>>8& fg| ugzmglmaik| dkf zmk|ha ~g| ~gzklki k|tgz `| g|almgdg| lai atza|egltazk|& la`a kf dk|eguazgjfk lfm`g dk ikhalma| } dk miukz|maik| } gf k|lg|a hzgda dk fmjkztgd
klai`mlg ~zk|kitk ki fg klaia`g ukikafgig& w{k lai kf la`~aztg`mkita dk |{ ~zmilm~gf lafgtkzgf)
E{kitk? JLU ":>7:-& Lk|fg ":>7:- } lfl{fa| ~za~ma|)
>
:>>
4>>
5>>
2>>
7>>>
7:>>
74>>
75>>
72>>
:>>>
>
7>)>>>
:>)>>>
)>>>
4>)>>>
;>)>>>
5>)>>>
8>)>>>
2>)>>>
=>)>>>
7>>)>>>
Mihzk|a^ktzafkza"@mff[\D-
Zmk|ha^g|"K@JM J-
Ga|
Mihzk|a^ktzafkza
"@mff [\D- "K@JM- Lazzkfglmi
:)>>> :5)587 2;5
:)>>7 :>)= 775< Jgog \{jk
:)>>: 7=)>75 7>4: Jgog Jgog
:)>>< 72)8>4 :8)=;4 477 \{jk Jgog
:)>>; 5 48)=>8 ;7)554 ;>5 \{jk \{jk
:)>>2 2=)>>= ;4):>7 7>7> 5:)4 \{jk \{jk
:)>77 22)7; \{jk \{jk
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
Zkfglmi kitzk Zmk|ha ^g| "~za`kdma dkf ga- k mihzk|a ~ktzafkza :>>>:>77
Zkekzkilmg| |ajzk dgta| } k|tgd|tmlg|
http://omrpublic.iea.org/currentissues/full.pdfhttp://omrpublic.iea.org/currentissues/full.pdfhttp://omrpublic.iea.org/currentissues/full.pdfhttp://omrpublic.iea.org/currentissues/full.pdfhttp://omrpublic.iea.org/currentissues/full.pdfhttp://omrpublic.iea.org/currentissues/full.pdfhttp://omrpublic.iea.org/currentissues/full.pdfhttp://omrpublic.iea.org/currentissues/full.pdfhttp://omrpublic.iea.org/currentissues/full.pdfhttp://omrpublic.iea.org/currentissues/full.pdf -
7/31/2019 Anlisis del entorno econmico venezolano
71/72
Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)
GMK ":>7:-) Amf @gzckt Zk~azt) \k~tk`jkz) Ki Fikg? btt~?!!a`z~{jfml)mkg)azh!l{zzkitm||{k|!e{ff)~deGMK ":>77-) Xazfd Kikzh} A{tfaac) Ki fikg? btt~?!!xxx)xazfdkikzh}a{tfaac)azh!Jg~tm|tg& G) ":>7:-) Fg dm|tzmj{lmi dk fa| mihzk|a|) Dmgzma Kf @{ida Klaia`g } Ikhalma|& = dk alt{jzk)Jg~tm|tg& G) ":>>>-) [i j{ki i`kza 0 {ig j{kig ~gfgjzg Ki? Ukik{kfg |mhfa RR) Um|maik| } tk|tm`aima|) Ta`a MM)Lgzglg|? E{idglmi ^afgz)
JLU ":>7:-) Mieaz`glmi K|tgd|tmlg) Ki fikg? btt~?!!xxx)jlu)azh)uk!l:!midmlgdazk|)g|~ Jgzza& Z) } Fkk& OX) ":>7>-)G ikx dgtg |kt ae kd{lgtmaigf gttgm`kit mi tbk xazfd& 7=;>:>7>) Ki fikg?btt~?!!xxx)ijkz)azh!~g~kz|!x7;=>:)~de1ikxQxmidax07Jgila @{idmgf ":>7:-) Xazfd dgtgJgic) Ki fikg? btt~?!!dgtgjgic)xazfdjgic)azh!dd~!ba`k)daJgila @{idmgf ":>7:-) Damih J{|mik|| :>7J{|mik||!Dal{`kit|!Gii{gfZk~azt|!Kihfm|b!DJ77:-) K|tgd|tmlg| Ghzlafg|) Ki fikg? btt~?!!xxx)ekdkghza)azh!~zad{llmai!dkeg{ft)g|~E@M ":>7:-) Xazfd Klaia`ml A{tfaac& Altajkz) Ki fikg? btt~?!!xxx)m`e)azh!krtkzigf!~{j|!et!xka!:>7:!>:!~de!tkrt)~deE@M ":>7:-) Xazfd Klaia`ml A{tfaac Dgtgjg|k) Ki fikg?btt~?!!xxx)m`e)azh!krtkzigf!~{j|!et!xka!:>7:!>7!xkadgtg!midkr)g|~r
E@M ":>7:- Emigilmgf Gllk|| \{zuk} ) Ki fikg? btt~?!!eg|)m`e)azh!Bkziidk& I) ":>7:-) Kf ~zklma dk fg| kikzhg| ki Ukik{kfg) Ki fikg?btt~?!!xxx)zkum|tg`kik)la`!i{kua!dal|!Kf~zklmadkfg|kikzhmg|kiUkik{kfg)~deMIK) ":>7:-) K|tgd|tmlg| klai`mlg| } |almgfk|) Ki fikg? btt~?!!xxx)mik)hau)uk!Fkxm| Xmffmg`|& F) ":>7>-) Hg| ^zmlk| Gza{id tbk Xazfd? Xbgt mt La|t| ta Emff Kz [~) Dgmf}Emigilk ::& o{f}) Ki fikg?btt~?!!xxx)dgmf}emigilk)la`!:>7>!>8!::!hg|~zmlk|gza{idtbkxazfd!@^^^E ":>7:-) Dk|gea| dk fg Klaia`g Jafmugzmgig :>77=) Ki Fikg?btt~?!!xxx)gzg}kza|)la`!l{ft{zg+:>ki+:>L\G!~afmtmlg!um|tgzkuaf{lmaiQ7;)~de
AMT ":>>2-) Kuaf{lmi dk fa| \gfgzma| ki G`zmlg Fgtmig 7==;:>>5) Dal{`kita Tlimla& \gitmgha dk Lbmfk& alt{jzk)AMT ":>77- C M dm t e tb F j @ c t \ tb Kdmtm K f btt !!cmf mf !cmf t!
http://omrpublic.iea.org/currentissues/full.pdfhttp://www.worldenergyoutlook.org/http://www.bcv.org.ve/c2/indicadores.asphttp://www.nber.org/papers/w15902.pdf?new_window=1http://databank.worldbank.org/ddp/home.dohttp://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB13-full-report.pdfhttp://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB13-full-report.pdfhttp://www.cesla.com/http://www.eclac.org/cgi-bin/getProd.asp?xml=/deype/agrupadores_xml/aes250.xmlhttp://www.fedeagro.org/produccion/default.asphttp://www.imf.org/external/pubs/ft/weo/2012/02/pdf/text.pdfhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://fas.imf.org/http://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.ine.gov.ve/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.arayeros.com/cultura%20en%20CSA/politica/vistarevolucion_15.pdfhttp://www.arayeros.com/cultura%20en%20CSA/politica/vistarevolucion_15.pdfhttp://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.ine.gov.ve/http://www.ine.gov.ve/http://www.ine.gov.ve/http://www.ine.gov.ve/http://www.ine.gov.ve/http://www.ine.gov.ve/http://www.ine.gov.ve/http://www.ine.gov.ve/http://www.ine.gov.ve/http://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://www.revistamene.com/nuevo/docs/El-precio-de-las-energias-en-Venezuela.pdfhttp://fas.imf.org/http://fas.imf.org/http://fas.imf.org/http://fas.imf.org/http://fas.imf.org/http://fas.imf.org/http://fas.imf.org/http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspxhttp://www.imf.org/external/pubs/ft/weo/2012/02/pdf/text.pdfhttp://www.fedeagro.org/produccion/default.asphttp://www.fedeagro.or