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Venezuela: Economy shrank 1.9 percent in 2010

Venezuela: Economy shrank 1.9 percent in 2010

The Venezuelan Central Bank says that the country's economy shrank 1.9 percent this year, the second straight year of decline.
But Central Bank President Nelson Merentes also thinks that Venezuela should bounce back in 2011 and see growth of about 2 percent.
Venezuela has been in recession for the past two years, and its economic problems have lingered while other Latin American countries have returned to growth.
Merentes announced the data on Thursday. Planning Minister Jorge Giordani also told reporters Thursday that Venezuela is doing away with a two-tiered exchange rate and going back to a single government-set rate.


Updated : 2021-03-01 16:16 GMT+08:00