IMF: Venezuela's inflation on track to top 1 million percent
Inflation in Venezuela could top 1 million percent by year's end as the country's historic crisis deepens, the International Monetary Fund said Monday.
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"The collapse in economic activity, hyperinflation, and increasing deterioration ... will lead to intensifying spillover effects on neighboring countries," Werner wrote in a blog post.
The once wealthy oil-producing nation of Venezuela is in the grips of a five-year crisis that leaves many of its people struggling to find food and medicine, while driving masses across the border for relief into neighboring Colombia and Brazil.
Shortages in electricity, domestic water and public transportation plague millions of Venezuelans, who also confront high crime, the IMF noted.
If the prediction holds, Venezuela's economy will contract 50 percent over the last five years, Werner said, adding that it would be among the world's deepest economic falls in six decades.
Socialist President Nicolas Maduro often blames Venezuela's poor economy on an economic war that he says is being waged by the United States and Europe.
Maduro won a second six-year term as president despite the deep economic and political problems in a May election that his leading challenger and many nations in the international community don't recognize as legitimate.
The IMF estimates Venezuela's economy could contract 18 percent this year, up from the 15 percent drop it predicted in April. This will be the third consecutive year of double-digit decline, the IMF said.
Werner said the projections are based on calculations prepared by IMF staff, but he warned that they have a degree of uncertainty greater than in other countries.
"An economy throwing you these numbers is very difficult to project," Werner said at a news conference. "Any changes between now and December may include significant changes."

Socialism doesn't work. Venezuela is proof.
Who in the US has ever supported this brand fo socialism?
In 2002, 16 U.S. congressmen voiced their approval for Venezuelan Communist Dictator Hugo Chavez. Representatives Barney Frank, John Conyers (1), Chaka Fattah (2), Jan Schakowsky (3), Jose Serrano (4), and others complained in a letter to President Bush that the United States was not adequately protecting Dictator Chavez against a groundswell of internal opposition to his increasingly authoritarian rule -- an upsurge that might lead to his ouster.
As well as others.
Senator Sanders declared: “These days, the American dream is more apt to be realized in South America, in places such as Ecuador, Venezuela and Argentina, where incomes are actually more equal today than they are in the land of Horatio Alger.”
You didn't answer her question. Supporting a person is not the same as supporting a specific form of government.
Trump supports Putin, does Trump support communism? By your logic he does.
It's worth examining why so many right wing teabaggers ignorantly and openly promote such such incredibly malevolent figures as Putin.
hogwash.
Its funny how all these Socialist Democrats that touted Venezuela can now deny it.
Pepperidge farms remembers.
There was numerous members on FR that championed it but I have no proof so my words don't matter.
Does that answer the question?
Nope, you're still avoiding the question. But thanks for playing.
In addition to the list KD provided, Here's a few more, most support Sanders too.
Of course it doesn't.
I had some time to waste hence my response to you.
I knew you were being obtuse before I responded to you and ,"SHOCKER", no matter what I said you would still play the same lame game.
So yes you are welcome for the attention, now you can trot on.
What the heck is that supposed to mean? You think they just thought he was a nice guy? LMFAO! Never mind he is starving millions.....and I thought it was the Celebrities that were clueless...
Missed this one. LOL
It takes time, epistte. As the article states ...
It is well-known that left-wing radicals such as Bernie Sanders, Elizabeth Warren, Alexandria Ocasio-Cortez and others approve of a Socialist agenda that advocates lifetime government dependency.
When was the last time that you heard a liberal or (gasp) a progressive use Venezuela as an economic model of where we want the country to move? I'd ask you if Venezuela is a nordic country, but given the lacking geography education in the US that might not be a good question. Venezuala is not a model of a mixed market socialist economy.
George Bush tried to remove Hugo Chavez is a US backed coup in 2002. Those votes were in opposition to the coup.
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"The trouble with Socialism is that eventually you run out of other people's money." ~ Margaret Thatcher