The International Monetary Fund (IMF) warned that by the end of the year inflation could reach 200,000%, while by 2020 it could reach 500,000% according to estimates of the agency.
The IMF warned that the unemployment rate is equally alarming, standing at 47.2% for this year and 50.5% in 2020.
“The deep humanitarian crisis and economic implosion in Venezuela continue to have a devastating impact and the economy is expected to contract by about a third on 2019″, the agency’s spokespersons said.
“The contractions should be less severe in Argentina and Venezuela in 2020 compared to the current year,” the report said.
The IMF also warned that “Venezuela, as a member of OPEC, would lose 35% of its economic muscle this year, while activity would fall by 10% in 2020.”