E The Venezuelan Economy Is In Free Fall; Poverty And Malnutrition Are Soaring

“This year will mark the third consecutive year of double-digit contractions in Venezuela's gross domestic product, the broadest measure of economic activity. The nation's GDP declined 16% in 2016, 14% last year and it's projected to fall 15% this year, according to the IMF.”

- (Patrick Gillespie, Half the Venezuelan economy has disappeared, Jan. 25, 2018)

Venezuela is simultaneously experiencing a deep economic, political and humanitarian crisis, which was largely created by the government's own policies.

Hyperinflation, power cuts, and food and medicine shortages has driven millions of Venezuelans out of the country. The annual inflation rate reached 83,000% in July, according to a recent study by the opposition party. Many are blaming President Nicolás Maduro and his government for the crisis state of the nation. The Venezuela currency, the bolivar, is virtually worthless, and hyperinflation is the reality as the county’s central bank finances the government’s spending.

Venezuela’s government has defaulted on its debt and world leaders are calling President Nicolas Maduro a dictator.

 

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.