The international media has yet to report on these accomplishments. Yet, if they want proof, economists at international organizations corroborate the figures. For example, the UN Commission on Latin America (ECLAC) found that Venezuela had reduced income inequality more than any other country in Latin America from 2002 to 2008.<\/p>\n

In 2009 Venezuela went into recession, but it appears to have emerged from its recession in the second quarter of this year. On a seasonally adjusted annualized basis, the economy grew by 5.2% in the second quarter of 2010. Reporting by Morgan Stanley projected Venezuela\u2019s economy would shrink<\/em> by 6.2%.<\/p>\n

Weisbrot says the International Monetary Fund (IMF) is projecting negative per capita GDP growth for Venezuela over the next five years. He notes that the IMF was repeatedly and wildly off the mark on its underestimates of the Venezuelan economy during the expansion between 2003 and 2008. Right now, Venezuela has a sluggish economy as does the United States, Canada and Europe. But the IMF may again be ignoring Venezuela\u2019s strengths:<\/p>\n