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The rate of inflation in Venezuela will be reduced to one millionth by the end of the year. The economy will fall by 18 percent. That's what Alejandro Werner, Director of the International Monetary Fund in the Western Hemisphere, said.
Thus, the country enters one of the worst hyperinflationary crises
in modern history. Werner compared the current situation in Venezuela to the crisis
in Germany in 1923 or Zimbabwe ten years ago
The country of Latin America collapsed from the fall in oil prices in 2014,
because the authorities refused to accede to economic change. The landscape is
virtually dependent on oil revenues. However, oil extraction is now
the lowest in a few decades. Problems are also undermined by government control
President Nicolás Maduro says the country is a victim of economic war
led by the opposition with Washington. Critics of the opposition say that
The problems in the country are the result of bad political decisions, especially
uncontrolled printing of new currency and control of exchange rates and prices,
which prevented companies from importing raw materials and machinery.
In the country there is a lack of virtually all commodities, including
food and medicine
Venezuela for the deterioration of the state of the economy ceased regularly
publish economic indicators. Economists now depend on
independent forecasts of international organizations, banks and banks
of the Venezuelan Congress. According to the legislative body led by the opposition
Consumer prices rose 46,305 percent this year, the agency said.
Reuters
Bloomberg Coffee Milk Index, which tracks price developments
cups of coffee at a bakery in East Caracas, estimates that inflation
last year reached 60, 000 percent. Now he is gaining momentum for
the last three months have reached 300,000 percent
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