Photo: Carlos Garcia Rawlins / Reuters
The Institute of international Finance (IIF) based in Washington, compared the economic collapse of Venezuela with the collapse of the Soviet Union, says RBC.
It is noted that the Venezuelan crisis is “almost unprecedented” in world history. According to the Deputy chief economist of the IIF Sergi, Lanau, the decline of Venezuela’s GDP to date, deeper than any country of the former USSR in the early 1990s.
The Institute also pointed out that the Venezuelan economy collapsed by 2019, more than 60 percent from 2014. “The experience of the former Soviet Union shows that the recovery of Venezuela in the scenario of economic policy change will be slow,” — said in a research note.
It is noted that official estimates of Venezuelan GDP after 2016 are not available. After to power in 2013 came from Nicolas Maduro, the government has stopped to reveal the macroeconomic indicators on an ongoing basis.
Venezuela in recent years are experiencing acute socio-economic crisis, accompanied by hyperinflation and devaluation of the national currency. The aggravation of the situation happened in late January, when Parliament speaker Huang Guido declared himself interim head of state.
Video, photo All from Russia.