Venezuela Worst in World as IMF Forecasts 10% Contraction

Venezuela will see its economy shrink more than any other country in the world this year as lower oil prices drain government coffers, according to the International Monetary Fund. “Venezuela is projected to experience a deep recession in 2015 and 2016,” the IMF said Tuesday in its World Economic Outlook. The country’s real gross domestic product probably will contract 10 percent this year and 6 percent in 2016, it said. President Nicolas Maduro’s policy response to the economic crisis remains paralyzed ahead of congressional elections set for Dec. 6. The bolivar has slumped to 792 to the dollar on the black market, while the official rate remains at 6.3. More…