Análisis del entorno económico venezolano

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    AJ\KZUGTAZMA DK FG KLAIA@MG UKIK_AFGIG

    M|gg| Laugzz{jmg| @gzw{mig

    Alt{jzk& :>7:

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    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|)

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    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 }

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    Kitazia @glzaklai`mla

    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    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|-

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    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

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  • 7/31/2019 Anlisis del entorno econmico venezolano

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    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&>

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    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

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    7==8 7==2 7=== :>>> :>>7 :>>: :>>< :>>4

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    Hg|ta ^jfmla 74&2+ 7

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    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:-)

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    Ugzmglmi dkfLai|{`a zmugda

    Ugzmglmi dkf ^MJ

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    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

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  • 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:-)

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    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

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    Ugzmglmi dk fgMiukz|mi

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    Ugzmglmi dk fg Miukz|mi } dkf ^MJ 7==2:>77

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    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|)

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    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)

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    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;&>

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    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

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    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-

    >

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    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

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    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>)>>>

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    :>>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|)

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    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-

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    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

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    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)

    >

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    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;)>>>

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    :;)>>>

    )>>>

    >>

    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

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    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

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    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

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    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&;

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    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

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    dk|k`~ka dkf ^MJ tatgf 7==2:>77& aj|kzuida|k {i zmt`a `| a `kia| |m`mfgz dk uafgtmfmdgd)

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    ^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&>

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    Kf la`~aztg`mkita dkf |kltaz ghzlafg `kdmda ~az kf dk|k`~ka dk ~zad{llmi dk gfh{ia| z{jza|

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    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

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    ^zad{llmi `rm`g :>>>:>7> zk|~klta g fg ~zad{llmi dkf :>77

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    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)

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    E{kitk? MIK ":>7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    ^gzg kf ~kzmada : |k`k|tzk dkf :>>2 gf : |k`k|tzk dkf :>77 fg e{kzg dk tzgjgoa al{~gdg |k

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    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|)

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    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|

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    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)

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    Ga Tm~a dk

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    Zk|kzug|"@mff)[\D-

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    Kitazia dk fg ~zad{ltmumdgd } dk fg la`~ktmtmumdgd

    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    Mihzk|a^^G [\D

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    E{kitk? Jgila @{idmgf & Xazfd dgtgJgic":>7:-) Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    ^g|k| 7=27 :>77 @ftm~fa

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    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+ } >>

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    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)

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    ^g|k| :>>> :>7> ~za`kdma

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    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|)

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    :>>5 :>7>

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    zkfgtmua m`~aztgitk dk kr~aztglmi dk `gi{eglt{zg| |ajzk fg| kr~aztglmaik| tatgfk|)

    E{kitk? LK^GF ":>7:-)

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    7==> :>>> :>7>

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    Kf k|t{dma dkf Xazfd Klaia`ml Eaz{` "XKE- |ajzk fg la`~ktmtmumdgd mitkziglmaigf gjgzlg fa| |mh{mkitk|

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    midmlgdazk|? 7- Mi|tmt{lmaik|3 :- Miezgk|tz{lt{zg3

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    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)

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    Ukik{kfg/

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    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)

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    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

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    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&>

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    Ki Ukik{kfg ia |afa k| dmelmf gjzmz {i ikhalma& dgdg fg hzgi lgitmdgd dk tz`mtk| w{k bg} w{k

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    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=;&>

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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    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

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    Kitazia Klai`mla Ukikafgia) M|gg| Laugzz{jmg| @gzw{mig)

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