The Venezuelan economy is facing a huge economic crisis.
As of last month, it has contracted by 8.4 percent since its peak of $1.2 trillion in 2016.
That’s the worst in the world.
The country is also facing a severe economic crisis that will likely lead to its bankruptcy, according to a report released Tuesday by the World Bank.
According to the World Economic Forum, Venezuela is “at the brink of a severe financial crisis” and the country will likely be in a “very difficult economic situation.”
The report also said that the country is “still in a state of severe political crisis and political paralysis,” and that “governments are reluctant to implement important reforms in order to avoid economic collapse.”
Venezuela has experienced a massive economic crisis, but its economy has recovered and it’s expected to rebound over the next few years.
The Venezuelan president has also promised to address the country’s economic woes by privatizing some of the state oil company PDVSA.
In October 2017, the country signed a contract with an unnamed US private company for a $1 billion oil pipeline project.
The plan, however, was never completed.
The government also recently announced a $300 million fund to help struggling Venezuelans buy goods from abroad.
The United States also recently sent a humanitarian mission to Venezuela, with the goal of helping those affected by the crisis.