Venezuela: A country in meltdown
Venezuela, a country of 30 million people, sits on the world’s largest oil reserves but has been suffering a massive economic downturn since global crude prices fell dramatically three years ago.
The government has not published inflation data for more than a year. But the International Monetary Fund (IMF) has forecast an inflation rate of 2,350 percent for 2018.
In an attempt to cushion the effect of inflation at the end of December, the Venezuelan government implemented the sixth wage and pension increase in a year, raising the minimum wage by 40 percent.