IMF: Inflation in Venezuela will grow by 2300%

МВФ: Инфляция в Венесуэле вырастет на 2300%

Venezuela expects strong inflation

Venezuela is the only Latin American country with negative GDP growth.

Inflation in Venezuela reaches antirekordnaya figures, by the end of this year, the national currency will drop by 653%, and in 2018, inflation will exceed 2300%. The country’s economy will shrink by 12%, according to a report by the International monetary Fund, UNIAN reports.

“Strengthening the political crisis in Venezuela is a serious hindrance to economic activity, which is projected to decline more than 12% in 2017, as a consequence, will decrease oil production and aggravated the uncertainty,” – said the IMF.

Thus, in comparison with other countries in Latin America, Venezuela is in fact the only one with negative growth of GDP this and next year. The IMF notes that the whole region economic growth for the year is estimated at 1.2%.

In 2016, in addition to Venezuela, the GDP decline was also noted in Brazil, Argentina and Ecuador, but in 2017 and 2018 projections for they were only of Venezuela. Compared to the 2016 inflation in Venezuela, experts say, will increase more than nine-fold (254% to more than 2300%).

As reported, in Venezuela extended the state of emergency in the economy.

We will remind, in August the President of the United States Donald trump has imposed new sanctions against Venezuela and its oil companies.