Venezuela Turns to Flashy Casinos, SUVs and U.S. Dollars for an Economic Boost

Venezuela Turns to Flashy Casinos, SUVs and U.S. Dollars for an Economic Boost



CARACAS, Venezuela—A dozen casinos are opening here in a country where the Socialist government had banned gambling as a capitalist vice. And stores that were barren just a couple of years ago are now flush with imported goods, ranging from $8,000 bicycles to frozen desserts from the Cheesecake Factory.

After seven years in which the economy contracted 80%—what economists call the biggest collapse in decades for a country not at war—Venezuela’s economy may have bottomed out. Gross domestic product will rise anywhere from 5% to 10% in 2021, the first year of growth since authoritarian leader Nicolás Maduro took office in 2013, business consultants and economists estimate.



Source link

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
Rachel Meadows

Rachel Meadows

Trending topics news writer who enjoys cooking, walking her dog and travel.

Related Posts

Enter our vacation Giveaway to

Las Vegas!

Everyone wins a prize!