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Venezuelan real salary has fallen 89.9% by March

Wednesday, January 25, 2017

Venezuela's Economic Woes Will Deepen, IMF Predicts

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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