The central government in Venezuela released data on Myspace, Thursday showing the amount of recession that the country is going through at the present moment. The bank reported that the inflation rate in Venezuela has gone to 280.9%, and it is one of the highest interest rates in the world. The economy also contracted 5.7%. All of this information shows that Venezuela is truly a country that is in economic despair. Many of the measures that are taken to help the economy in Venezuela will not significantly improve any of the problems with finance in the country. The country is currently facing a lack of basic needs such as medicine revealed Mr. Danilo Diaz Granados.
Yesterday President Nicolas Maduro announced that he was going to carry out different measures in order to help save their economy. The first thing that the president wants to do is increase the price of fuel. This increase has not taken place in almost 20 years. The fuel increase could amount to 5% of the year’s budget. The increase of fuel should’ve happened a long time ago, because now the country is suffering horrible consequences.
Apart from the measures that involve fuel, Maduro also wants to take measures to encourage citizens to not use as much electricity, and the government is turning off electricity for certain parts of the day in order to correct the issue with the lack of water in the country reservoirs.