IMF Lowers 2019 Inflation Expectations For Venezuela To 200,000%

IMF Lowers 2019 Inflation Expectations for Venezuela to 200,000%

The International Monetary Fund (IMF) has adjusted its 2019 forecast for inflation rate in Venezuela downward to 200,000 percent, according to its World Economic Outlook report out Tuesday

BUENOS AIRES (UrduPoint News / Sputnik - 15th October, 2019) The International Monetary Fund (IMF) has adjusted its 2019 forecast for inflation rate in Venezuela downward to 200,000 percent, according to its World Economic Outlook report out Tuesday.

IMF Western Hemisphere Department chief Alejandro Werner said in July he expected a reduction in the nation's monthly inflation rate from the expected 10 million percent after its Central Bank raised reserve requirements for local banks.

Venezuela's inflation in 2020 is predicted to rise to 500,000 percent. The economy will contract by 35 percent in 2019 and by 10 percent the following year. The jobless rate will be at 47.2 percent in 2019 and reach 50.5 percent in 2020.