IMF predicts 2 000% hyperinflation in Venezuela

Baku. 20 April. REPORT.AZ/ The IMF’s prediction for inflation in Venezuela is pretty bad, but better than previous expectations: It’s expected to skyrocket 720% this year—somehow only half of the previous forecast. But if Venezuela stays on its current path, the IMF predicts inflation will rise over 2000% in 2018. That’s only the tip of the iceberg.

Report informs, International Monetary Fund (IMF) announced.

Unemployment is set to surpass 25% this year, possibly on its way to 28% next year. It was at 7.4% in 2015.

Venezuela’s economy shrank a massive 18% last year - its third year of recession and is expected to be in the red this year, and next too.

Notably, Venezuelan consumer prices rose 800 percent in 2016 while the economy contracted by 18.6 percent, according to preliminary central bank's figures.

If the value of national currency bolivar was not more than 100 in 2016 - currently population has 500, 1 000, 2 000 3 000 5 000, 10 000 and 20 000 bolivar notes.