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The International Monetary Fund (IMF) said Venezuela was in a state of "economic collapse" in the midst of the country's unprecedented hyperinflation since the middle of the last century.
Despite the rise in oil prices enjoyed by most exporters, the IMF sees an increase in the deflation of the Venezuelan economy, which is expected to fall by 15% in April, with inflation reaching 14,000 % this year.
"It is very difficult to exaggerate the extent of the turmoil in the Venezuelan economy," said IMF President Maurice Obstfeld, adding that "we have already seen a significant contraction in the years to come. to come to Venezuela.
"We see excessive inflation that is comparable only to Zimbabwe and the hyper-historic hyperinflation between the two world wars," Obstfeld said.
The International Monetary Fund has not released any new forecasts for Venezuela in the second quarter update on the outlook for the global economy, which provides a specific set of estimates.
He pointed out that the wave of Venezuelan exiles had an impact on neighboring economies, although there is no language barrier: "As in other parts of the world, world, there is a big challenge.
OPEC data showed that Venezuelan oil production had deteriorated to new levels never seen in the country for 30 years, reaching 1.5 million bpd in June.
Oil sales account for 96 percent of Venezuela's revenues, but a shortage of foreign exchange led to economic paralysis that left the country severely undernourished.
The government of Socialist President Nicholas # Maduro of the National Oil Company has called for an increase in the country's production with the world's largest crude oil reserves
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