Venezuela's economic crisis bringing down GDP for South America

South America's combined gross domestic product is expected to decrease 2.2 percent in 2016, mainly due to Venezuela's economic crisis in which an 8 percent contraction is projected. The United Nation's Economic Commission for Latin America and the Caribbean reports that, overall, the Latin American and Caribbean GPD is expected to decrease 0.9 percent in 2016. Of the 33 countries reported in ECLAC's projections, just Argentina, Brazil, Ecuador, Venezuela, Trinidad and Tobago, and Suriname, which -- at 4 percent -- will have the second-largest shrink in GDP following Venezuela, are expected to see GPD decreases in 2016.  More…