Consider the following statements related to Venezuela.
- According to I.M.F. forecast, inflation rate in Venezuela is expected to be 1 million percent by December 2018.
- The North American country Venezuela’s economy is going through a crisis this time.
- Venezuela’s economy mainly depends on the export of edible oil.
Which of the above statement is/are correct?
(a) Only 1
(b) Only 2
(c) 1 and 3
(d) 1, 2 and 3
- The South American country Venezuela’s economy is currently undergoing crisis.
- Lot of citizens has been forced out of the country due to excessive inflation, power cuts, food and a huge reduction in drugs.
- It is important that Venezuela’s population is approximately 32.4 million, out of which 2.3 million people have left the country since 2014.
- On average, prices of goods are doubling every 26 days.
- Where inflation rate was 25000% in May 2018, at the end of June it increased to 40000%.
- According to a recent study by the National Assembly in Venezuela’s opposition, the annual inflation rate was 83,000 percent in July 2018.
- According to the International Monetary Fund (I.M.F.), the inflation rate in Venezuela is likely to be 1 million (1 million) percent till December 2018.
- On the official exchange rate, 1 US dollar is approximately 248,000 Venezuelan Bolivars.
- Venezuela’s economy mainly depends on revenues derived from the export of oil (petroleum). Its oil revenue, 95 percent of its export earnings.
- This country is very rich in petroleum reserves.
- Venezuela has faced a severe shortage of foreign currency due to a fall in oil prices in 2014.
- On August 20, 2018, the government removed five zeros from the old ‘Strong Bolivar’ currency and gave it a new name ‘Sovereign Bolivar’.
- This currency also starts with eight new bank notes (2, 5, 10, 20, 50, 100, 200 and 500) and two new coins.
- It is notable that in Venezuela, from the year 2010 (from the reign of Hugo Chavez) the socio-economic and political struggle began, which is also continuing during the reign of current President Nicolas Maduro.
- The economy is currently going through the worst phase in the history of Venezuela.