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Andean Group - April 2015 (ISSN 1741-4466)

ECONOMY: No improvement in Venezuela’s fortunes

The International Monetary Fund (IMF) now expects the Venezuelan economy to contract by 7% year-on-year in 2014 and by a further 4% in 2016, down from -3% and -1% just six months ago. The Fund lifted its annual average inflation forecasts to a dramatic 96.8% and 83.7% in the same periods, from 64.3% and 62.9% previously.

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