Public discontent leads to ruling party's defeat in Venezuelan poll: analyst

The defeat of the ruling party in Sunday's parliamentary elections had more to do with social discontent than popularity of the political opposition, said a political analyst.

The electoral authorities confirmed that at least 99 of the 167 seats in Parliament were garnered by the Democratic Unity Roundtable opposition coalition. The ruling United Socialist Party won only 46 of the declared seats.

"Discontent about the economic situation and dissatisfaction among the people create a real problem. The government was weak due to what the Venezuelan economy has suffered," Jose Luis Villegas told Xinhua.

For more than two years, Venezuela has been facing with severe financial problems, including rising inflation. According to the IMF, inflation in the country could reach 170 percent by the end of the year.

Other economic problems such as climbing prices for basic goods, a short supply of essential items, the weakening of the bolivar, and dwindling savings have left Venezuelans increasingly discontented.

In turn, this has led to a rise in crime rates.

However, Villegas warned that the new composition in Parliament may not necessarily bring about an improvement in the economy.

"We will continue to suffer economic attacks. The price of the barrel of oil will remain under 40 U.S. dollars, which will undermine the government's social initiatives," said Villegas. Endi