Venezuela plunges into recession with record inflation

RT.com
December 31, 2014

Venezuela’s economy has entered a recession with the economy contracting 2.3 percent in the third quarter and the highest inflation in the Americas at 63.6 percent.

Venezuela confirmed on Tuesday it was in recession as the country’s GDP has been falling for 3 consecutive quarters with a drop of 4.8 percent in the first quarter and 4.9 percent in the second. The 63.6 percent inflation is a record in North and South America, and is among the world’s highest.

President Nicolas Maduro believes the Venezuelan economy’s plunge is a result of global political instability and falling oil prices.

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