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Half the Venezuelan economy has disappeared

Venezuela has lost half of its economy since 2013.It's getting worse. Unemployment will reach 30% and prices o...

Posted: Jan 25, 2018 12:55 PM
Updated: Jan 25, 2018 12:55 PM

Venezuela has lost half of its economy since 2013.

It's getting worse. Unemployment will reach 30% and prices on all types of goods in the country will rise 13,000% this year, according to new figures published Thursday by the International Monetary Fund.

The IMF's economist for the Western Hemisphere, Alejandro Werner, put Venezuela's future bluntly.

"In Venezuela, the crisis continues," Werner said in a blog post. He added that inflation is skyrocketing this year because of "the loss of confidence in the nation's currency."

This year will mark the third consecutive year of double-digit contractions in Venezuela's gross domestic product, the broadest measure of economic activity. The nation's GDP declined 16% in 2016, 14% last year and it's projected to fall 15% this year, according to the IMF.

Related: EU heaps sanctions on Venezuela as isolation grows

Venezuela is deep into an economic, political and humanitarian crisis, largely inflicted by the government's own policies, economists say. Food and medical shortages are widespread. People are scavenging for food in dumpsters. Citizens are fleeing by the thousands. The currency, the bolivar, is nearly worthless. The government has defaulted on its debt. World leaders are calling President Nicolas Maduro a dictator.

The political turmoil is not expected to get better. Maduro's administration said this week it will hold presidential elections this spring. Maduro has already excluded opposition leaders from participating in the election. It's unclear if anyone is actually allowed to run against him. Meanwhile, the economy shows no signs of recovery.

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 292560

Reported Deaths: 6718
CountyConfirmedDeaths
Los Angeles1232563643
Riverside21957515
Orange20225376
San Diego17842406
San Bernardino16586293
Imperial7464125
Fresno728184
Alameda7245142
San Joaquin581761
Kern575987
Santa Clara5552165
Tulare5298148
Sacramento477678
Contra Costa424186
San Francisco407150
Ventura385850
Santa Barbara380830
San Mateo3743111
Marin323226
Stanislaus300450
Kings282338
Monterey227017
Solano192227
Merced162311
Sonoma148714
Placer97011
Madera8578
San Luis Obispo8453
Yolo76028
Santa Cruz5033
Napa4534
Sutter3234
San Benito3042
Butte2954
El Dorado2800
Lassen2670
Shasta1715
Humboldt1574
Nevada1551
Yuba1543
Glenn1530
Lake1001
Colusa980
Mendocino980
Tehama981
Calaveras610
Del Norte580
Tuolumne580
Mono491
Amador350
Inyo341
Siskiyou330
Mariposa311
Plumas150
Alpine20
Trinity20
Sierra10
Unassigned00
Chico
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95° wxIcon
Hi: 97° Lo: 68°
Feels Like: 95°
Oroville
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Feels Like: 94°
Paradise
Few Clouds
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Hi: 92° Lo: 68°
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Chester
Clear
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Feels Like: 77°
Red Bluff
Clear
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Feels Like: 94°
Willows
Few Clouds
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Hi: 101° Lo: 64°
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The heat continues to rise around northern California as we progress through the week, and no real relief from this current heat wave is in sight.
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