Chart of the week: Venezuela's lost decade and a half

Venezuela's downward spiral is likely to endure until the political stalemate between the government and the opposition is resolved.

948_COTW

The Venezuelan government has stopped publishing official economic statistics, says Andreas Knobloch in Finanz und Wirtschaft. No wonder: the country is in a state of total collapse.

According to the International Monetary Fund, the country's hyperinflation is getting worse, with the annual pace of price rises expected to climb from 2018's 1,000,000% to 10,000,000%.

Falling oil prices have undermined export earnings; shortages, sanctions, and pervasive corruption wiped 40% and 30% off national output in 2017 and 2018 respectively; and annual GDP has receded to levels last seen in the 2000s.

The "downward spiral" is likely to endure until the political stalemate between the government and the opposition is resolved.

Viewpoint

Ken Fisher, the Financial Times

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