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Business Daily: Venezuela's Economy: Can it Avoid Collapse?

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Venezuela Farmer

19/02/2016 GMT

Venezuela's Economy: Can it Avoid Collapse?

BBC World Service - Business Daily, Venezuela's Economy: Can it Avoid Collapse?

Is it inevitable that Venezuela will now default on its international debt?

Venezuela has been hit hard by falling world oil prices. We hear about food and product shortages there and ask if the country is heading towards default.

Oil accounts for about 95% of Venezuela's export revenues, so the falling world oil price has hit it hard. Grace Livingstone reports from a country where food and product shortages have become the norm. Also, we speak to Ricardo Hausmann, director of Harvard's Center for International Development in the US, and Venezuela's minister of planning under the previous regime, about whether Venezuela is on the road to defaulting on its international debt. Plus, Rahul Tandon in Calcutta tells us how not to seal a business deal in India.

(Photo: A farmer milks an emaciated undernourished cow. Credit: Juan Barreto/AFP/Getty Images)

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