Venezuelans, already experiencing severe shortages of food
and other consumer goods amid the country's worst economic crisis, are likely
to feel even more pain as the year unfolds, the International Monetary Fund
grimly predicts. The South American country is “on a path to hyperinflation,”
with economic activity “projected to contract sharply … while inflation is
expected to accelerate further,” Alejandro Werner, the IMF's Western Hemisphere
director, wrote in the organization's latest outlook for Latin America and the
Caribbean. Contributing factors include a large and growing deficit, “extensive
economic distortions, and a severe restriction on the availability of imports
of intermediate goods,” Werner wrote in the assessment posted Monday on an IMF
website. More…
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