World Economy

Venezuela Economy to Sink 8%

Venezuela Economy to Sink 8%Venezuela Economy to Sink 8%

The economy is forecast to sink 8% this year and the International Monetary Fund forecasts inflation will soar to four digits next year, AP reported. Foreign currency reserves have tumbled. Oil accounts for 96% of Venezuela’s export earnings and the plunge in world oil prices hit the government hard, leaving it owing money across the board, from foreign airlines to oil service companies. Rebounding oil prices, which are up around 60% this year after dipping to a 13-year low in January, could buy embattled President Nicolas Maduro some time to try to fix the economy.


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