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    Causes of Hyperinflation On Venenzuela

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    Shivani Wagle
    Hyperinflation in Venezuela has caused widespread hunger, unemployment, and mass migration out of the country. Over one million children no longer attend school due to hunger, and zoo animals are starving as people break into zoos to eat them. Unemployment has skyrocketed to over 35% as the economy has severely contracted, forcing many young people to emigrate elsewhere for work. Over 4.8 million Venezuelans have left the country as refugees or migrants since 2015 due to rampant inflation and a deteriorating political, economic, and human rights situation under Maduro's regime.

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    Causes of Hyperinflation On Venenzuela

    Uploaded by

    Shivani Wagle
    32 views2 pages
    Hyperinflation in Venezuela has caused widespread hunger, unemployment, and mass migration out of the country. Over one million children no longer attend school due to hunger, and zoo animals are starving as people break into zoos to eat them. Unemployment has skyrocketed to over 35% as the economy has severely contracted, forcing many young people to emigrate elsewhere for work. Over 4.8 million Venezuelans have left the country as refugees or migrants since 2015 due to rampant inflation and a deteriorating political, economic, and human rights situation under Maduro's regime.

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    Hyperinflation in Venezuela has caused widespread hunger, unemployment, and mass migration out of the country. Over one million children no longer attend school due to hunger, and zoo animals are starving as people break into zoos to eat them. Unemployment has skyrocketed to over 35% as the economy has severely contracted, forcing many young people to emigrate elsewhere for work. Over 4.8 million Venezuelans have left the country as refugees or migrants since 2015 due to rampant inflation and a deteriorating political, economic, and human rights situation under Maduro's regime.

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    32 views2 pages

    Causes of Hyperinflation On Venenzuela

    Uploaded by

    Shivani Wagle
    Hyperinflation in Venezuela has caused widespread hunger, unemployment, and mass migration out of the country. Over one million children no longer attend school due to hunger, and zoo animals are starving as people break into zoos to eat them. Unemployment has skyrocketed to over 35% as the economy has severely contracted, forcing many young people to emigrate elsewhere for work. Over 4.8 million Venezuelans have left the country as refugees or migrants since 2015 due to rampant inflation and a deteriorating political, economic, and human rights situation under Maduro's regime.

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    CAUSES OF HYPERINFLATION ON VENENZUELA:

    Venezuela’s economic crisis has made headlines all over the world for the past few years hunger
    is widespread there unable to afford the small amount of food available in supermarkets many
    Venezuelans have reported to eating garbage to survive even zoo animals in Venezuela are
    starving according to a report by the Daily Mail and people have been breaking into zoos to eat
    them a recent survey found that the food crisis has also created an education crisis as more than
    one million children no longer attend school mostly due to hunger in a lack of public services
    voice is random a bleak assessment of Venezuela’s current situation says the country is suffering
    an unprecedented man made humanitarian crisis they say Venezuela resembles a country at war
    and note some of its major social problems including extreme food and medicine shortages rapid
    crimes in every city constant electric blackouts including an repression high prices are not the
    only serious effect of hyperinflation as a guardian article notes the problem comes when the
    supply of paper money and economy outstrips demand for goods and services causing the value
    of the currency to fall following in the footsteps of Zimbabwe Venezuela turns to increasing its
    money supply because it had no other means to pay its debts.

    The two major effects of hyper-inflation on Venezuela have been seen in:

    Unemployment

    According to the International Monetary Fund, Venezuela's unemployment rate in 2019 is the
    highest since the end of the Bosnian War in 1995 and the largest contraction since the start of the
    Libyan Civil War in 2014. (IMF). According to the misery index, the unemployment rate in
    January 2016 was 18.1 percent, and the economy was the poorest in the world. Venezuela has
    not released official unemployment data since April 2016, when the rate was 7.3 percent. In
    October of this year, the jobless rate hit 35%. By the end of the year, it was estimated that it
    would increase to 39% to 40%, and that 60% of the economically active population belong to the
    informal sector, which influences the low salary that has caused many young people to emigrate
    to other countries.

    Refugee and migration crisis


    Venezuelan emigration has always been mild under Maduro's predecessor, Hugo Chávez. It
    began in 2015, when over 30 percent of the country's population left owing to economic
    inflation, and it intensified as the country reached hyperinflation. According to the Organization
    of American States (OAS) and the United Nations High Commissioner for Refugees (UNHCR),
    this is one of the greatest emigrations in Western hemisphere history. According to the UNHCR,
    the political, economic, and human rights situation in Venezuela is deteriorating, necessitating
    international assistance. According to the most recent statistics, 4.8 million Venezuelans are
    classified as refugees or migrants.

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