Venezuela inflation to reach 10m percent in 2019: IMF

Even though Venezuela was not at war like what is happening in Syria and several countries in Middle East and Africa, its economy in recent months shrank by about 50 percent. The society is now suffering from malnutrition, crime and preventable diseases forcing three million people to flee.

Venezuela

Amid such situation President Nicolas Maduro was sworn in for second six-year term on Thursday. Countries including Canada, Argentina, Colombia and Brazil opposed his presidency claiming polls were not fair and free. Sanctions have been threatened and Peru have already imposed banking and travel restrictions on Maduro and his cabinet.

Mass street protests against Maduro in 2017 led to inflation that soared to 1 million percent last year. As an aftermath critical shortages of medicine, power, water and food was seen.

A report issued by the Human Rights Watch on Wednesday reveals 380 cases of cruel, inhuman or degrading treatment of opponents were documented since 2014.

According to International Monetary Fund this year inflation could rise to 10 million percent.

Meanwhile, refugee pressure is mounting on neighboring countries and it is forecasted five million more may pour across the borders.

Latin America has never seen such crisis before, either from outside or inside.

Paul Linus