Venezuela had an annual inflation rate of 686.4 percent by the end of 2021.
What is the inflation rate in Venezuela in 2020?
Average consumer price inflation rate in Venezuela (Bolivarian Republic of). Venezuela (Bolivarian Republic of) has a 2.355.2 percent inflation rate in 2020.
What is Venezuela’s inflation rate in 2019?
President Maduro has brought inflation to new highs, with the BCV calculating that it was 56 percent in 2013, 69 percent in 2014 (the highest in the world), and 181 percent in 2015 (the highest in the world and the country’s history). Venezuela experienced hyperinflation in 2016. In 2016, the rate of inflation was 274 percent; in 2017, it was 863 percent; in 2018, it was 130,060 percent; and in 2019, it was 9,586 percent. The overall inflation rate has risen to 53,798,500 percent since 2016.
What causes Venezuela’s poverty?
Venezuela’s crisis is a long-running socioeconomic and political catastrophe that began under Hugo Chvez’s administration and has intensified under Nicolas Maduro’s. Hyperinflation, rising famine, disease, crime, and mortality rates have all contributed to significant departure from the country.
According to economists questioned by The New York Times, the current scenario is by far the greatest economic catastrophe in Venezuela’s history, as well as the worst faced by a country in peacetime since the mid-twentieth century. The crisis is also worse than the Great Depression in the United States, the Brazilian economic crisis of 19851994, or Zimbabwe’s hyperinflation of 20082009. Other writers have compared aspects of the crisis, such as unemployment and GDP contraction, to those in Bosnia and Herzegovina following the 19921995 Bosnian War, as well as those in Russia, Cuba, and Albania following the fall of the Soviet Union in 1991 and the collapse of the Eastern Bloc in 1989.
Due to mounting shortages in Venezuela, Chvez launched a “economic war” on June 2, 2010. Under the Maduro administration, the crisis worsened, exacerbated by low oil prices in early 2015 and a reduction in Venezuela’s oil production due to a lack of maintenance and investment. In the face of declining oil income, the government has failed to curb spending and has responded to the problem by denying its existence and aggressively suppressing opposition. Extrajudicial killings by the Venezuelan government have become common, with the UN reporting 5,287 killings by the Special Action Forces in 2017, and at least another 1,569 killings in the first six months of 2019, with the UN stating that some of the killings were “done as a reprisal for participation in anti-government demonstrations.”
Political corruption, chronic food and medication shortages, business closures, unemployment, declining productivity, authoritarianism, human rights violations, terrible economic mismanagement, and a significant reliance on oil have all exacerbated the issue.
The European Union, the Lima Group, the United States, and other nations have imposed individual penalties on government officials and members of the military and security services in reaction to human rights violations, the erosion of the rule of law, and corruption. The US would eventually broaden its sanctions to include the petroleum industry. Supporters of Chvez and Maduro believe the problems are the product of a “economic war” on Venezuela, which includes “falling oil prices, international sanctions, and the country’s business elite,” while detractors argue the crisis is the result of “years of economic mismanagement and corruption.” The problem, according to most commentators, is caused by anti-democratic administration, corruption, and economic incompetence. Others blame the crisis on the government’s “socialist,” “populist,” or “hyper-populist” policies, as well as their use to maintain political power. According to national and international analysts and economists, the crisis is the result of populist policies and corrupt practices that began under the Chvez administration’s Bolivarian Revolution and continued under the Maduro administration, rather than a conflict, natural disaster, or sanctions.
On all levels, the crisis has had an impact on the average Venezuelan’s life. By 2017, hunger had reached a tipping point, with nearly 75% of the population losing an average of over 8 kg (over 19 lbs) of weight and more than half of the population lacking the income to meet their basic food demands. According to a UN report released in March 2019, 94 percent of Venezuelans live in poverty, and nearly 20% of Venezuelans (5.4 million) will have left the nation by 2021. According to a UN assessment, 25% of Venezuelans will require humanitarian aid in 2019. Venezuela lead the world in murder rates in 2018, with 81.4 people killed per 100,000, making it the world’s third most dangerous country. Following growing international sanctions during 2019, the Maduro government abandoned policies instituted by Chvez, such as pricing and currency controls, resulting in a brief economic recovery before COVID-19 arrived in Venezuela the following year. As a result of the depreciation of the official bolvar currency, the people began to rely on US dollars for transactions in 2019.
According to the national Living Conditions Survey (ENCOVI), 94.5 percent of the population lived in poverty in 2021, with 76.6 percent living in extreme poverty, the highest proportion ever recorded in the country.
What is the inflation rate in Turkey?
Turkey’s inflation rate has risen to a new 20-year high of 54.44 percent in February, higher than expected, as the currency continues to weaken and energy prices rise. According to the Turkish Statistical Institute on Thursday, consumer goods prices increased 4.81 percent over the previous month.
Was Venezuela once a wealthy nation?
Venezuela’s dictator Juan Vicente Gmez enabled American oil firms to design Venezuela’s petroleum law when oil was discovered in the country during the Maracaibo strike in 1922. Standard Oil of New Jersey accepted a new arrangement in Venezuela based on the 5050 concept in 1943, which was hailed as a “watershed moment.” In 1945, after a coup brought a left-leaning government to power, including Juan Pablo Prez Alfonso, even better terms were agreed.
Venezuela’s economy was one of the strongest and most successful in South America from the 1950s through the early 1980s, thanks to high oil prices. During that time, the steady growth attracted a large number of immigrants.
In 1958, a new government, which included Prez Alfonso once again, formulated a plan for an international oil cartel, which would eventually become OPEC. Venezuelans decided in 1973 to nationalize their oil industry, which took effect on January 1, 1976, with Petrleos de Venezuela (PDVSA) overseeing a variety of holding corporations. Venezuela developed a massive refining and marketing system in the United States and Europe over the years.
Venezuela’s GDP grew at an astonishing rate during Prez Jimnez’ dictatorship, from 1952 to 1958, to the point where, in the late 1950s, Venezuela’s real GDP per capita nearly equaled that of Ireland or West Germany. West Germany, on the other hand, was still recovering from the destruction of German infrastructure during WWII. Venezuela was the world’s fourth wealthiest country per capita in 1950. However, from 1958 to 1959, Rmulo Betancourt (President from 1959 to 1964) inherited a massive internal and external debt as a result of excessive government expenditure. He was effective in balancing Venezuela’s state budget and initiating a failed agrarian reform.
What is the inflation rate for 2021?
The United States’ annual inflation rate has risen from 3.2 percent in 2011 to 4.7 percent in 2021. This suggests that the dollar’s purchasing power has deteriorated in recent years.