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The country’s political and economic systems are facing increasing challenges.

On Thursday the Venezuelan national assembly approved legislation that would grant Venezuelan President NicolásMaduro extraordinary power to legislate by decree. The president claims such action is necessary to battle the “economic war” being waged against the country by the private sector and the opposition. Indeed, even as another Venezuelan wins the title of world’s most beautiful,the country’s economic situation is getting increasingly uglier. The legislation should finally be approved on November 19 Diego Moya Ocampos, Senior Analyst for the Americas at IHS Insight wrote in a memo. In an interview with LBC, Moya Ocampos said that with the granting of these powers we should expect more power concentrated in the executive branch and greater state intervention in the Venezuelan economy, including more price controls, restrictions on foreign currency, and expropriations.

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