IMF: Inflation in Venezuela to Hit 1.4 Million Percent Before End of Year

Venezuelan bolivars bank notes have become practically worthless due to inflation

Inflation in the crisis-stricken country of Venezuela is on track to hit 1.4 million percent by the end of 2018, according to the latest report from the International Monetary Fund.
The report, entitled “Outlook on the World Economy,” predicts that inflation will reach 1.4 million by December 31, 400,000 percent higher than what they forecast in June this year and over a hundred times faster than the estimate of 13,000 percent in January.

Looking forward, the organization also believes that consumer prices will “increase by 10 million percent over the course of 2019,” explaining that “years of misguided policies coupled with a decline in production in the country’s vital oil industry to seventy-year lows have crashed the economy.”

In 2018, the Venezuelan economy shrunk by a staggering 18 percent, indicating a third consecutive year of double-digit decline that has led to the worst economic and humanitarian crisis in the entire region. The IMF is predicting a 20-percent decline in 2019, meaning the country will have lost half of GDP since 2015.

Widespread poverty and mass shortages of food, medicine, and other basic resources have caused a worsening migration crisis as Venezuelans seek refuge in neighboring countries. The mass flow of people has also begun to stoke tensions in local communities and increased the financial pressure on foreign governments.

Nicolás Maduro’s socialist dictatorship has responded to the economic catastrophe with a number of creative but ultimately ineffective solutions that has included seeking additional loans from allies such as Turkey, Russia, and China and creating its own national cryptocurrency known as the “Petro,” supposedly backed by the nation’s extensive oil and gold reserves.

Maduro’s solution to the hyperinflation crisis has involved repeatedly raising the country’s national minimum wage and taking five zeroes off of the Bolivar currency. Yet despite dozens of wage increases, many people’s monthly salary still equates to just a couple of dollars a month, as inflation continues to spiral out of control.

The worthlessness of the Bolivar and the dire state of the Venezuelan economy has raised speculation that the country will ultimately revert to the U.S. dollar in any post-Maduro regime, following the example of Ecuador who substituted their own currency back in 2000. A growing number of Venezuelan merchants are now only accepting payments in dollars to avoid constant price hikes and the inevitable devaluation of their profits.

www.breitbart.com/latin-america/2018/12/21/imf-inflation-venezuela-...

Views: 178

Reply to This

Replies to This Discussion

US companies have been leaving Venezuela. Soros has US voting machines manufactured in Venezuela. The Comb Over had talks of regime change. Putin promised over 6 billion in aid for this country of 32 million people with gold and oil resources, but has delivered nuclear bombs. The elite still live in comfort as the rest of the country lives way below poverty. What else is going to happen. Are we seeing the unfinished business of the US Deep State and discontinued efforts focusing on the Comb Over?

JUST ANOTHER COMMUNIST SUCCESS STORY OF ANOTHER COUNTRY THEY DESTROYED!!!!!

RSS

"Destroying the New World Order"

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

TOP CONTENT THIS WEEK

Latest Activity

Chris of the family Masters replied to Mrs. Tif Morgan's discussion Khazar of CFR: Council on Foreign Relations Corruption
"Banksters deserve the name. This is a criminal organization. We, the people don't even own our…"
55 minutes ago
Less Prone commented on Less Prone's photo
Thumbnail

Reconquista Europea

"Von Nordkapp bis Ceuta das End des Wucher-Bankings.  From Nordkapp to Ceuta the end of…"
1 hour ago
Central Scrutinizer favorited Sweettina2's video
3 hours ago
Central Scrutinizer favorited Doc Vega's blog post Captain Reality II
3 hours ago
Burbia posted videos
4 hours ago
Mrs. Tif Morgan replied to Mrs. Tif Morgan's discussion The European flag Represents the Rape of the 12 Tribes of the Christian Israelite's
"I do love to debate Diana, and so this is why Hitler wanted to destroy the Khazar Jews of the…"
4 hours ago
Mrs. Tif Morgan replied to Mrs. Tif Morgan's discussion Khazar of CFR: Council on Foreign Relations Corruption
"comment by Lady Rose: oday we have the spectacle of Spc. 4 Michael New, a U.S. soldier in Germany…"
4 hours ago
Mrs. Tif Morgan posted discussions
4 hours ago
Burbia favorited Phyllis Maka's blog post How MOSSAD was formed - Dr John Coleman - The Committee of 300
4 hours ago
Diana favorited Burbia's photo
4 hours ago
Diana posted discussions
4 hours ago
Burbia posted a photo
4 hours ago
Mrs. Tif Morgan favorited Chris of the family Masters's discussion 2020 Presidential Candidate Kamala Harris, while California Atty General, Covered Up Planned Parenthood’s Illegal Selling Baby Parts
4 hours ago
Mrs. Tif Morgan favorited Raz Putin's discussion ActivistPost:"T-Mobile Cancels 5G installation Nationwide. Anonymous Employee Blames 15 States’ Lawsuits Against Sprint Merger"
4 hours ago
Mrs. Tif Morgan replied to Mrs. Tif Morgan's discussion The European flag Represents the Rape of the 12 Tribes of the Christian Israelite's
"Diana, Which tribe brought that star in Israel? Do you know?"
4 hours ago
Burbia commented on Burbia's video
Thumbnail

Greta Thunberg on the Climate Fight: “If We Can Save the Banks, Then We Can Save the World”

"The Manufacturing of Greta Thunberg – for Consent: The Political Economy of the Non-Profit…"
4 hours ago

© 2019   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted