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Fueled by high oil costs, report authorities spending helped to spice up GDP progress by 4.2% in 2011, after a sharp drop in oil costs induced an financial contraction in 2009-10. Government spending, minimum wage hikes, and improved access to domestic credit created a rise in consumption which mixed with provide issues to trigger increased inflation - roughly 26% in 2011 and 21% in 2012. President Hugo CHAVEZ's efforts to increase the government's control of the economic system by nationalizing corporations within the agribusiness, monetary, development, oil, and steel sectors have damage the personal investment atmosphere, reduced productive capacity, and slowed non-petroleum exports. Yemen has tried to counter the effects of its declining oil assets by diversifying its economic system by means of an economic reform program initiated in 2006 that is designed to bolster non-oil sectors of the economic system and overseas funding. Zimbabwe''s 1998-2002 involvement within the struggle in the Democratic Republic of the Congo drained hundreds of thousands and thousands of dollars from the economy.
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