The IMF foresees inflation for Venezuela of 1,000,000% in 2018

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In addition, it predicts that the economy of the Andean country will fall by 18% this year and by 5% in 2019.

 

The International Monetary Fund (IMF) has projected annual inflation for Venezuela of up to 1,000,000% in 2018 and compared the situation of the Andean country to that lived in Germany in 1923 or in Zimbabwe at the end of 2000.

"We are projecting an inflation increase of 1,000,000 percent by the end of 2018 to indicate that the situation in Venezuela is similar to that of Germany in 1923 or that of Zimbabwe at the end of 2000," the director said at a press conference. from the Western Hemisphere department of the IMF, Alejandro Werner, in his update of the regional economic perspectives.

In addition, the Fund has explained that this hyperinflation, together with the collapse of economic activity and the growing deterioration in the provision of public goods, as well as the scarcity of food, "have led to large flows of migration" to other countries.

The multilateral organization has concluded in its report that Venezuela's economy will decrease by 18% in 2018 and by 5% in 2019, three percentage points more and one less than what was calculated in April.