Venezuela: The United Nations Economic Commission for Latin America and the Caribbean (Eclac) has released its new economic growth forecasts, in which it predicts that Venezuela’s domestic economy will contract by 9.5% this year. The Eclac report points out that with this result Venezuela, which has not published any official economic data since 2014, will remain in recession for the fourth consecutive year and that, on Eclac calculations, Venezuela’s GDP has fallen by 31.9% since 2013. The report also calculates that Venezuela’s inflation rate this year will be of 300%. The release of the Eclac report comes just as Venezuela’s main business sector lobby, Fedecámaras, has called for “political and economic change” in the country that remains submerged in a deep political and economic crisis.
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