Venezuela said to be in worst recession since 1940s

The Venezuelan economy is currently contracting at a rate of nearly 10% and suffering its worst recession since the 1940s due to the oil price shock and economic mismanagement, said Capital Economics in a report. Official GDP data has not been published since 3Q14 and inflation figures were last released in December. Capital Economics' GDP Tracker has calculated the country's economic growth at nearly -10%. The tracker takes into account oil, construction, manufacturing and consumer spending information, as well as the few official indicators available, and on-the-ground private sector estimates. More…