Venezuela’s Inflation to Reach 1 Million Percent, IMF Forecasts
Tuesday, July 24, 2018 | Tag Cloud Tags: Economy, Germany, ISIS, News, oil, Venezuela, Worthy News | Learn about out FREE SYNDICATION
(Worthy News) – Venezuela’s inflation will skyrocket to 1 million percent by the end of the year as the government continues to print money to cover a growing budget hole, the International Monetary Fund predicted on Monday.
The crisis is comparable to that of Germany in 1923 or Zimbabwe in the late 2000s, said Alejandro Werner, head of the IMF’s Western Hemisphere department. He forecast the economy to shrink 18 percent in 2018 — the third consecutive year of double-digit contractions — as oil production falls significantly. [ Source: Bloomberg (Read More…) ]
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