Economy of Venezuela

Türkiye's annual inflation rate dropped below 40 percent in May for the first time in 16 months, pushed down by a temporary offer of free gas to households, official data showed on June 5.

Inflation in Venezuela in 2018 was 130 060 percent. The central bank said after four years of silence.

Economic data are, in principle, strictly kept secret from the authoritarian regime of Nicolas Maduro. The country's economy shrunk by 19.2% in the first nine months of 2018 on an annual basis, as private consumption has fallen sharply and inflation has risen.

Venezuela continues this year to head the Bloomberg rating for "the most miserable economies in the world," but three of the top ten are neighbors of Bulgaria.

Turkey ranks fourth, Greece - fifth, and Serbia is the tenth.

Lavrov was addressing the Venezuela crisis during a news conference on Tuesday when he stressed that Moscow would do "everything in its power to support the lawful authorities in Cara

Amid the financial and humanitarian crisis in Venezuela, the country is expected to see hyperinflation reach epic proportions: a million percent a year by the end of 2018, the International Monetary Fund said on July 23.

Venezuela's central bank this year began refining gold in Turkey following a wave of international sanctions that have left it unwilling to carry out such operations in Switzerland, the country's mining minister said on July 18.

The International Monetary Fund (IMF) gave a bleak forecast of the Venezuelan economy. According to fund experts, in the next 2018, inflation in Venezuela could reach 2300%.

Venezuelan President Nicolas Maduro announced on Sept. 8 his government will sell oil and other commodities in currencies other than the dollar, in a bid to weather US-imposed sanctions on the embattled country.

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Desperation is spreading in Venezuela as violent protests continue to paralyze the country, further damaging the country's shattered economy. Venezuela's already-decrepit oil industry is deteriorating by the day, and an outright implosion is no longer out of the question.

"I am no Mussolini," insisted Venezuela's beleagured President Nicolas Maduro on television early this month, but if things go on this way he could end up like Mussolini. That would be very unfortunate for him, and also for Venezuela.