IMF: Venezuela wounded by low oil prices

Alejandro Werner, director of the IMF's Western Hemisphere division, said declining oil prices means a sharp economic downturn for Caracas. "Venezuela's economy will take the largest hit [from slumping oil prices, and is now forecast to contract by 7 percent in 2015," he said in a Wednesday statement. "Indeed, each $10 decline in oil prices worsens Venezuela's trade balance by 3.5 percent of GDP, a bigger effect by far than for any other country in the region." More…