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In the capital, a store sells Prada purses and a 110-inch television for $115,000. Not far away, a Ferrari dealership has opened, while a new restaurant allows well-off diners to enjoy a meal seated atop a giant crane overlooking the city.
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��When was the last time you did something for the first time?�� the restaurant��s host boomed over a microphone to excited customers as they sang along to a Coldplay song.
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This is not Dubai or Tokyo, but Caracas, the capital of Venezuela, where a socialist revolution once promised equality and an end to the bourgeoisie.
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Venezuela��s economy imploded nearly a decade ago, prompting a huge outflow of migrants in one of worst crises in modern Latin American history. Now there are signs the country is settling into a new, disorienting normality, with everyday products easily available, poverty starting to lessen �X and surprising pockets of wealth arising.
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That has left the socialist government of authoritarian President Nicolás Maduro presiding over an improving economy as the opposition is struggling to unite and as the United States has scaled back oil sanctions that helped decimate the country��s finances.
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Conditions remain dire for a huge portion of the population, and while the hyperinflation that crippled the economy has moderated, prices still triple annually, among the worst rates in the world.
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But with the government��s ease of restrictions on the use of U.S. dollars to address Venezuela��s economic collapse, business activity is returning to what was once the region��s wealthiest nation.
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As a result, Venezuela is increasingly a country of haves and have-nots, and one of the world��s most unequal societies, according to Encovi, a respected national poll by the Institute of Economic and Social Research of the Andrés Bello Catholic University in Caracas.
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Maduro has boasted that the economy grew by 15% last year over the previous year and that tax collections and exports also rose �X though some economists stress that the economy��s growth is misleading because it followed years of huge declines.
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For the first time in seven years, poverty is decreasing: Half of the nation lives in poverty, down from 65% in 2021, according to the Encovi poll.
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But the survey also found that the wealthiest Venezuelans were 70 times richer than the poorest, putting the country on par with some countries in Africa that have the highest rates of inequality in the world.
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