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LATIN AMERICA | 23-07-2018 18:51

IMF: Venezuela's inflation on track to top one million percent by end of year

IMF economist Alejandro Werner says that if the prediction holds, Venezuela's economy will contract by 50 percent over five years.

Economists say inflation in Venezuela could top one million percent by year's end as the country's historic crisis deepens.

The International Monetary Fund predicted the decline Monday.

The once wealthy oil-producing nation is in the grips of a five-year crisis that leaves many struggling to find food and medicine, while driving masses across the border.

President Nicolás Maduro often blames Venezuela's poor economy on an economic war that he says is being waged by the United States and Europe.

IMF economist Alejandro Werner says that if the prediction holds, Venezuela's economy will contract by 50 percent over five years.

Werner says it would be among the world's deepest economic falls in six decades.

The IMF estimates Venezuela's economy this year could contract 18 percent, worse than previously predicted.

- TIMES/AP

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