World Economy

Venezuela Inflation Close to 720%

Venezuela Inflation Close to 720%Venezuela Inflation Close to 720%

The International Monetary Fund estimates Venezuela’s economy will contract 8% this year and inflation will be 720%, Yahoo reported. Unemployment for 2016 is forecast at 17%. Moreover, the country is facing severe shortages of energy, water, food, and medicines as prices of oil remain low and an unprecedented drought persists. The Americas Society and Council of the Americas will host a conversation with leading economic and political experts to discuss likely scenarios as Venezuela endures a political stalemate amid a historic economic recession. “Venezuela is on the precipice of hyper inflation,” Kathryn Rooney Vera, research director at BullTick Capital Markets in Miami, said.