Venezuela Worst in World as IMF Forecasts 10% Contraction

Updated on
  • Country facing `deep recession' as low oil prices hit budget
  • Inflation in South American country to reach 159% this year

The sun sets over El Palito oil refinery in Puerto Cabello, Venezuela, on Monday, Aug. 24, 2015.

Photographer: Meridith Kohut/Bloomberg

Venezuela will see its economy shrink more than any other country in the world this year as lower oil prices drain government coffers, according to the International Monetary Fund.

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