According to Bloomberg report that is based on the data of International Money Fund (IMF), Venezuela’s annual inflation rate will surge to 1.37 million percent by the end of 2018, making the country the worst economy in the world.
Such enormous inflation rate is a result of low oil prices coped with excessive government spending on welfare programs, poorly managed facilities and dilapidated farms.
Venezuela’s president, Nicolas Maduro, sees the solution for this problem in a national cryptocurrency Petro that was launched in a previous month. However, for now, experts claim that the development of Petro only worsens the country's economy.
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