Bolivarian Republic of Venezuela : Investing in Human Capital for Growth, Prosperity, and Poverty Reduction
This report draws on limited, available data to analyze selected economic, and social issues, which include better understanding of poverty, and inequality in relation to real income, and, improving the allocation of social expenditures, while incr...
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| Format: | Pre-2003 Economic or Sector Report |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2001/03/1089480/venezuela-investing-human-capital-growth-prosperity-poverty-reduction http://hdl.handle.net/10986/15702 |
| Summary: | This report draws on limited, available
data to analyze selected economic, and social issues, which
include better understanding of poverty, and inequality in
relation to real income, and, improving the allocation of
social expenditures, while increasing the effectiveness of
social programs. The deterioration of social, and human
capital should be prevented, by simultaneously promoting its
accumulation. The report reviews the dismal economic
performance of the country over the last decade, where the
inability of policymakers to cope with the oil cycles, and
prices decline prevails. Moreover, the country's
dependence on the oil sector has deepened, while the share
of agriculture, and manufacturing decreased, aggravated by
the lack of export diversification, and the negative impact
of the overvalued domestic currency on external
competitiveness. Not surprisingly, labor productivity also
decreased, reflecting a low real economic growth, which
results in higher unemployment, poverty and inequality
increases. The needed acceleration of human, and social
capital development focuses on education, health, and the
decline of crime and violence, suggesting continued
implementation of primary education reforms, through the
development of new curriculum, improved quality of basic
education, and educational financing. Health recommendations
include efficient resource allocation, prioritization of
high-impact programs, and expanded private participation,
and institutional development. |
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