Venezuela’s prolonged economic crisis has not slowed down. The International Monetary Fund projects an 1,000,000% inflation rate by the end of 2018 (Ellsworth). The country’s paper currency, the bolívar, has become nearly worthless while the government scrambles to implement different monetary reforms to ease inflation and reboot the economy. Despite the government’s attempts, Venezuelans have taken matters into their own hands, turning to the black market, exchanging goods and services, or using the U.S. dollar for functionality.
Economy and Development
Tourism as a method of income has grown in variety. Aspects such as history and culture have assisted in the development of tourism sectors throughout the world. Many countries have taken the route of diversifying their tourism by amplifying their historical towns and culture throughout their nation.
As the value of its currency continues to fall and its economy edges nearer to collapse, Argentina’s government is scrambling to establish new measures to protect its currency and to save the country from a long-term recession. The government recently proposed a new plan for the 2019 budget which now includes various initiatives to cut government spending.
During his 2016 Presidential campaign, Trump repeatedly claimed that, if elected, he would end all of the United States’ “bad” trade deals and replace them with better ones. Trump voiced his concerns about the North Atlantic Free Trade Agreement (NAFTA) in particular by referring to it as the “worst trade deal in history.” Created in 1992 by the U.S. President, Mexican President, and Canadian Prime Minister at the time, NAFTA established an economic agreement that reduced tariffs on the majority of goods traded between the three countries.