Venezuela Socialist Alliance Sees Support Fall Below One in Five

Support for Venezuela’s ruling Socialist coalition slipped below one in five this month in the build up to the Dec. 6 congressional elections as the economy suffers the biggest recession outside Sub-Saharan Africa. The United Socialist Party of Venezuela, or PSUV, and allies are backed by 19.3 percent of people, according to a poll by the Venezuelan Institute of Data Analysis, known as IVAD, between Aug. 8 and 16. The previous poll by IVAD in June had given the alliance 21 percent support. The number of people who said they intended to vote surged to 89 percent from 67.4 percent, with more than nine in 10 Venezuelans saying the elections are important in stabilizing the economy. JPMorgan Chase & Co. expects gross domestic product to contract 8 percent this year. More…