Venezuela Worst in World as IMF Forecasts 10% Contraction
- 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/BloombergThis article is for subscribers only.
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.
“Venezuela is projected to experience a deep recession in 2015 and 2016,” the IMF said Tuesday in its World Economic Outlook. The country’s real gross domestic product probably will contract 10 percent this year and 6 percent in 2016, it said.