The International Monetary Fund (IMF) predicts that the rate of inflation in crisis-hit Venezuela will soar to 10 million percent by the end of 2019.
Venezuela currently tops a list of countries with the highest levels of inflation. In April, its inflation rate estimated at almost 300,000%.
The country’s economy is less than half the size it was in 2013, as plummeting oil production, hyperinflation and political uncertainty combined to create a vicious cycle that’s proving hard to break.
Since the nation’s political and economic turmoil is showing no signs of abating, the IMF predicts the rate to reach 10,000,000.0%:
The global inflation rate is currently around 3.6%, according to the IMF. In countries that are facing cripplingly high inflation rates, businesses find it hard to set the right prices and consumers cannot plan their spending adequately.
The top 10 countries with the highest inflation rate alongside Venezuela are as follows:
Source: World Economic Forum