83102
Venezuela’s Economy Shrank 13.2% in 2017
Venezuela’s Economy Shrank 13.2% in 2017

Venezuela’s Economy Shrank 13.2% in 2017

Venezuela’s Economy Shrank 13.2% in 2017

Venezuela’s crumbling economy shrank 13.2% in 2017, the fourth year of a crippling recession in the OPEC nation, the opposition-led congress said late Monday.
The opposition has been calculating inflation and GDP in the absence of up-to-date official data for the socialist-run economy that has been contracting since early 2014, Reuters reported.
“The economy is being destroyed,” said opposition lawmaker and economist Jose Guerra at a presentation of the figures at the opposition-controlled National Assembly.
The data uses oil industry activity, vehicle assembly, bank loans and tax collection to gauge overall economic performance. With hunger and malnutrition rising, widespread shortages, and an ongoing exodus of migrants, critics blame Venezuela’s mess on failed policies and corruption.
President Nicolas Maduro alleges an “economic war” by political foes and the United States.
The slump in global oil prices since 2014 has also hit hard.
The central bank did not immediately respond to an email seeking comment on Monday’s figures from the opposition. The bank has not released Venezuela’s gross domestic product data since 2015, when the economic activity fell 6.2%.
But in a filing with the US Securities and Exchange Commission, Venezuela’s government last year acknowledged its economy had shrunk 16.5% in 2016.
The opposition’s latest inflation indicator said prices rose more than 4,000% in the 12 months to the end of January.
Meanwhile, more than half (53%) of young Venezuelans, between 15 and 29, want to move abroad permanently, after food shortages, violence and a political crisis that escalated to new extremes in 2017, according to a new survey by US firm Gallup.
Once Latin America’s richest country, Venezuela’s economy is now collapsing and it is battling hyperinflation at levels unmatched anywhere else in the world. The IMF projects inflation will reach 13,000% this year and the economy will shrink 15%.

 

Short URL : https://goo.gl/ffLBAw
  1. https://goo.gl/TWjmnV
  • https://goo.gl/Bm7CVM
  • https://goo.gl/qA9icj
  • https://goo.gl/2sTm1T
  • https://goo.gl/qKXqH9

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
World Shares Snap Five-Day Losing Streak
World stocks steadied near three-week lows on Wednesday and...
South Korea to Grow 3 Percent
The Organization for Economic Cooperation and Development has...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus