Venezuela Economy Enters Recession

Caracas, December 31 (QNA) – The Venezuelan economy has entered recession, after contracting for the third consecutive quarter.

The Central Bank announced that the economy had shrank by 2.3% in the third quarter of the year, according to the (BBC).

President Nicolas Maduro said the Venezuelan economy had been affected by political instability and dropping oil prices in international markets.

Maduro accused the United States of flooding the markets with oil as part of an economic war against Russia.

The central bank also said inflation had reached 63.6% in the 12 months to November, one of the highest rates in the world.

Maduro announced a number of measures to boost economic growth and control inflation, including reforms to Venezuela’s currency control system.

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