The International Monetary Fund (IMF) in its new global economic outlook report released on Monday indicates that it expects that Venezuela will have inflation of 10,000,000% in 2019 with a reduction in gross domestic product of 5% and projects that the economy will fall this year by 18%.
It also points out that inflation will close at 1,370,000% this year, despite the fact that the IMF had calculated in July that it would be one million percent.
"It is expected that Venezuela's hyperinflation will worsen rapidly, driven by the monetary financing of large fiscal deficits and the loss of confidence in the currency," says the IMF report, EFE review.
In April of this year the IMF announced that it expected inflation of almost 14,000% in Venezuela for this year and a fall in gross domestic product (GDP) of 15%, in what would be its fifth year in recession, a very projection negative that fell short.
In the IMF report, he recalled that the Government of Venezuela launched a monetary reconversion in August that took away five zeros from the bolivar and gave it the surname of "sovereign."
This reconversion was part of the economic measures promoted by the president, Nicolás Maduro, to alleviate the serious crisis affecting the country that went into hyperinflation a year ago.
In addition, the agency also reported in the document that it foresees a current account deficit of 6.1% of GDP for this year and 4% for 2019.
The IMF's projections of unemployment for the Caribbean country point to a rate of 34.3% in 2018 and 39% for 2019, significantly higher than the 27.1% registered last year.
