Reference no: EM132902750

Summarize the information:

According to statistics, Venezula is the country with the highest inflation in 2020 compared to the previous year. The situation has become very sad, I have seen numerous photos of money thrown on the streets because its worth is little to nothing. It is interesting to read the increased requirements due to the hyperinflation. There is no doubt that something needs to be done in order to help alleviate this problem for Venezuela and for its people. 

In Venezuela, price controls and economic mismanagement was a big factor in the collapse of GDP. As the government started to print new money to manage the economic downturn, prices increased, and unemployment rose causing the GDP to collapse. According to statista.com the standard of living in Venezuela is not likely to improve anytime soon due to Maduro not wanting to reduce price control and economic mismanagement.

• Venezuela's state-run economic model wasted the world's largest oil reserves.
• Venezuela owes $100 billion to foreign creditors.
• Most of their educated, professional class has fled the country.
• Economic shock therapy, implemented in regions like the former Soviet bloc, probably might be the country's only chance.