Venezuela recession to stretch into 2015 even if oil drop halted

Venezuela's economy will contract again next year even if oil prices stem their steep fall and recent fiscal reforms give the economy some steam, according to the United Nations' body for Latin American and the Caribbean. The OPEC country's economy is seen contracting 3 percent this year and 1 percent next year, the Chile-based Economic Commission for Latin American and the Caribbean said in a report on Tuesday. "The calculation of minus 1 percent is based on reforms having a positive effect and oil prices not falling further," Daniel Titelman, director of the Economic Development Division, told Reuters in an interview. More…