Venezuela’s economy is the most sickly in the world. From the value of its currency (sinking), to its inflation (scorching) and GDP (shrinking), Venezuela ranks at or near the bottom of just about every important financial indicator out there, performing worse even than Argentina, Greece, or Ukraine.

Only around 10% of the dollar trade takes place on the exchange, according to Moody’s. Three-quarters of dollars are still traded by the government at the laughably overvalued rates of around 6 and 12 bolívares to the dollar.

Consumer prices are now rising by nearly 70% per year, the highest rate in the world.

Oil accounts for some 95% of export earnings.  As a result of the oil price crash, (and other factors)  the government in Caracas now faces a financing gap of more than $30 billion both this year and next. The IMF recently slashed its forecast for economic growth in the country this year, to a 7% decline in GDP on top of an estimated 4% fall last year.

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