Forget Greece, Venezuela is world's worst economy

Forget Brazil, Ukraine, Greece and Russia. The crown for the world's worst performing economy this year belongs to....Venezuela. That, at least, is according to the International Monetary Fund, which released its twice-yearly world economic outlook on Tuesday, reports Andres Schipani in Bogotá. The fund is forecasting Venezuela's economy to shrink 10 per cent in 2015 and another 6 per cent next year as the collapse in oil price heap further pressure on the country's already fragile finances.Inflation in the South American country is also expected to hit 159 per cent this year. More…