IMF: Venezuelan Economy Has Imploded. Inflation To Hit 720%. GDP To Collapse 18%

Latin American Herald Tribune: IMF: Venezuela Inflation at 275%; Will Hit 720%; GDP to Collapse 18%

Poor Venezuela Economic Policy Leads to Double Disaster Whammy Says IMF Western Hemisphere Director Alejandro Werner - "World's Highest Inflation" and "Sharpest GDP Decline in the World at 18%"

WASHINGTON – The International Monetary Fund's (IMF) Director of the Western Hemisphere Alejandro Werner has revealed that Venezuela's inflation was 275% in 2015 -- the highest in the world. Worse for the beleauguered Latin American nation, Werner says that inflation this year will probably come in at 720%.

"A lack of hard currency has led to scarcity of intermediate goods and to widespread shortages of essential goods—including food—exacting a tragic toll," says Werner. "Prices continue to spiral out of control, and we expect inflation to rise to 720% this year, from a world-high inflation of about 275% in 2015."

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WNU Editor: These fears are justified .... Fears of Venezuela Default Grow Amid Drop in Oil Prices (WSJ). Venezuela is also not alone .... Negative growth expected in 2016 for Latin America and Caribbean, IMF says (FOX News).

More News On Venezuela's Economic Crisis

Venezuela Congress nixes Maduro request for emergency powers -- AP
IMF says Venezuela inflation may hit 720% -- SKY News
IMF Sees Venezuela Inflation Rocketing to 720 Percent in 2016 -- Bloomberg
IMF sees Venezuela inflation at 720% this year -- Fast FT
In graphics: a political and economic guide to Venezuela. Venezuela: a nation in a state -- The Economist