Paid to Wait: Effects of the Venezuelan Economic Crisis
October 11, 2016
While much of the United States has been figuratively dancing in the streets about the incredibly low gas prices as of late, others have not been so fortunate to enjoy the plummet. Rather, their economies have been suffering because of it. One such nation is Venezuela, which has recently entered into a recession due to the global lack of demand for oil. Oil has been Venezuela’s primary export for years, which accounts for 96 percent of its foreign currency reception.1 The central Venezuelan bank also noted 63.6 percent inflation between November 2013 and November 2014.
