Venezuela: inflation could top 1 million percent by year's end, IMF warns
by Associated Press in Caracas from on (#3VFK6)
- IMF compares economic turmoil to 1920s Germany
- Economy could contract 18% this year, IMF estimates
Inflation in Venezuela could top 1 million percent by year's end as the country's historic crisis deepens, the International Monetary Fund said on Monday.
Venezuela's economic turmoil compares to Germany's after the first world war and Zimbabwe's at the beginning of the last decade, said Alejandro Werner, head of the IMF's western hemisphere department.
Under the late Hugo Chivez, who ushered in Venezuela's socialist revolution in 1999, a new constitution and numerous elections placed nearly all government institutions under the control of the ruling Socialist party.
Related: Hunger Highway: desperate Venezuelans take hard road to Brazil
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