(31 Dec 2014) Venezuelan President Nicolas Maduro said on Tuesday the economic crisis engulfing the oil-rich nation could have been a lot worse.
In an almost three-hour long news conference, the socialist president acknowledged that the country's economy shrank in the first half of 2014 but said that Central Bank figures showed growth recovering in the fourth quarter.
He also said that the government could bring inflation under control.
Maduro blamed the severe slump in growth on his government's opponents, who brought the economy to a standstill during deadly protests earlier this year.
The president also announced that a new currency exchange system was to be created but didn't give any details as to what the changes would be.
Maduro's comments came hours after the central bank said gross domestic product shrank 4.8 percent on an annual basis in the first two quarters of 2014 and 2.3 percent in the July-September period.
Inflation soared to 64 percent in November from 54 percent a year ago.
The report came as no surprise to economists, who blame the government's tight control of prices and foreign exchange for scaring away investment and widespread shortages of even essential items such as soap and sugar.
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