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In 2018, Venezuela's debt grew to US$156 billion [310] and as of March 2019, its reserves had dropped to US$8 billion. [311] With the exception of PDVSA's 2020 bonds, [312] as of January 2019, all of Venezuela's bonds are in default, [313] and Venezuela's government and state-owned companies owe nearly US$8 billion in unpaid interest and ...
In December 2013, Moody's Investors Service also downgraded both Venezuela's local (B1) and foreign currency (B2) ratings to Caa1. [94] The noted reasons of credit rating changes were the greatly increased likelihood of economic and financial collapse due to the Venezuelan government's policies and an "out of control" inflation rate. [76] [94] [96]
With the 2007 rise in oil prices and rising government expenditures, Venezuela's economy grew by 9% in 2007. Oil prices fell starting in July 2008, resulting in a major loss of income. Hit by a global recession, the economy contracted by 2% in the second quarter of 2009, [ 192 ] contracting a further 4.5% in the third quarter of 2009.
The Wall Street Journal said in January 2019 that economists place the blame for Venezuela's economy shrinking by half on policies of the Maduro administration, "including widespread nationalizations, out-of-control spending that sparked inflation, price controls that led to shortages, and widespread graft and mismanagement". [278]
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Venezuela's economy is highly dependent on oil production and exportation. [2] Venezuela is a member of the Organization of Petroleum Exporting Countries. Its economy is prone to disruption given that price of oil fluctuates rapidly. In 2014, oil prices dropped. Since then Venezuela has had to adapt to a significant decrease in state revenue.
Preliminary data compiled by Venezuela's central bank shows the economy shrank by 16.6 percent in 2017 compared with the year before, two sources familiar with the matter said on Thursday, the ...
Venezuela's annual inflation rate settled at 189.8% last year, according to data from the central bank released on Friday, marking a slight easing of the still sky-high rate of rising consumer ...