Nicolás Maduro ordered an increase of 300% of the minimum wage on Monday, the 26th time he makes an announcement of this kind during his term. Also, an increase in the petro cryptocurrency was decreed and the president highlighted the economic management of his government, which he said in his annual report helped to turn Venezuela into the country with “greater socioeconomic equality”.
Venezuela's economy shrank a massive 16.5% in 2016, according to an official government filing to the US Securities and Exchange Commission (SEC). The oil-rich but impoverished country attributed the collapse to a contraction of 9.9% in the oil sector and 16.1% in the non-oil economy.
Poverty affected 28% of Latin America’s population in 2014, revealing that its decline has stalled at around that level since 2012, while indigence rose to 12.0% from 11.3% during the same two-year period in an overall context of economic deceleration, according to projections from a study presented On Monday by the Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, Chile.
Poverty in Mexico, including extreme cases, decreased slightly between 2010 and 2012, reported the National Council for Evaluation of Social Development Policy. Official stats show that poverty in Mexico, Latam’ second largest economy went from 46.1% of the population in 2010 to 45.5% in 2012, while extreme poverty fell from 11.3% to 9.8%.