Tuesday, July 19, 2016
IMF: Venezuela Facing Hyper-Inflation In 2017
Market Watch: Venezuela’s inflation is set to top 1,600% next year
Food shortages, weak oil prices and economic mismanagement has forced the government to declare a state of emergency
While most advanced economies struggle to lift inflation, none would want Venezuela‘s situation: Consumer-price inflation is forecast to hit 480% this year and top 1,640% in 2017, according to the International Monetary Fund.
A shortage of medical supplies means infants and other sick patients are dying of treatable illnesses. Soldiers guard empty grocery store shelves. Inflation is so bad, the government has had to order bolivars by the planeload.
As Caracas extends its declared state of economic emergency, it’s no wonder many economists say the nation will soon have to ask the IMF for a bailout. It’s gotten so bad, the government this week handed over control of food stocks to the military, ceding even more power to the armed forces.
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WNU Editor: By next year .... if things do not change .... Venezuela will be at the brink, and the fall is going to hurt everyone in Venezuela .... and its impact is going to be felt by everyone in the hemisphere.