Venezuela’s inflation rate is staggering according to a corpoartion wiki report; the International Monetary Fund predicts it will reach almost 500 percent this year and over 1,000 percent next year. Effects of the severe economic crises are the worst for everyday citizens; prices for staples such as bread and milk keep rising, with no end in sight. Hotels are asking guests to bring their own toilet paper and mothers can’t find any diapers in the stores. Basic needs go unfulfilled; cars sit abandoned because people cannot find any parts to repair them and leaky faucets drip because there are no washers in stores.
Venezuela’s economic health depends on the price of oil, since oil accounts for 95 percent of the country’s exports says Norka Luque. With oil prices remaining low and the country deep in debt, the Venezuelan government cannot afford to import goods.
The Americas Society and Council of the Americas will hold a discussion on April 25th, 2016 with economic experts to discuss the crisis. Anyone can register to listen to the live webcast for free.