VENEZUELA'S ECONOMIC COLLAPSE
IMF - Transcript of the Press Conference on the Release of the July 2018 World Economic Outlook Update - about Venezuela
On Venezuela, it is difficult to discuss because it is in a state of economic collapse. We have not engaged with them in over a decade on their economic policies. We have not had an Article IV mission. We are also in discussions with them about their data quality. So, anything we say about Venezuela has to be taken with caveats. But we see in the coming years double-digit contraction of output, and we have increased our assessment of the degree of contraction in the most recent round. We're seeing a hyperinflation that is rivaled only by Zimbabwe and the great historical hyperinflations of the interwar period. So, it is very hard to exaggerate the extent of disruption in the Venezuelan economy.
This has been naturally a source of migration into neighboring economies. Just as in other parts of the world, there is a huge challenge of absorbing these migrants. Of course, there is not a language issue but they will have to be absorbed into economies. Ultimately, what we've seen is that that can be a source of economic strength. In the short run, there are costs to housing migrants transitioning them into the labor force.
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