Venezuela’s Lost Art of Data Declaring

Venezuela’s Central Bank has been deemed to have an “inability to deliver accurate economic data” due to its lagging in providing timely information. Experts fear that this lack of information can lead to hyperinflation in the country.

But what’s even more concerning? The fact that Venezuela appears to have lost the art of data declaring!

Why is Data Declaration So Important?

It’s no secret that data is important when it comes to policy decisions and economic health. When you know what’s going on, you can make decisions.

But when you don’t have the data? Well, you’re walking around aimlessly in a dark room, hoping to find the light switch.

Why Is Venezuela Struggling?

Unfortunately, Venezuela’s Central Bank is not providing the public with the information it needs in order to make economically sound decisions.

The government has been accused of “cooking the books” for years, and it appears that the current government is no different. With no one to check their work, and no one to question what they’re doing, it’s almost suspiciously obvious why they won’t provide the data.

And it’s not just the public that’s being kept in the dark — even Bloomberg and other companies that track the financial health of countries have had difficulty obtaining data.

What’s the Bottom Line?

The lack of data being provided by Venezuela’s Central Bank means bad news for everyone. If a country can’t keep track of its own finances, it’s impossible to make informed decisions.

And until something is done to ensure that the country is providing accurate data, it’s likely that Venezuela will suffer from financial woes for years to come.

In the meantime, here are some steps that can be taken to help ease the situation:

  • Increase the transparency and accountability of government officials that are in charge of providing economic data.
  • Hold accountable those responsible for ‘cooking the books’ or otherwise manipulating economic data.
  • Make sure economic data is updated regularly and made accessible to the public.

The key here is to make sure that the Central Bank of Venezuela is delivering accurate economic data. It’s time for the country to step up their game and start providing accurate information — otherwise, experts fear that the country may suffer from hyperinflation in the near future.