Venezuela: Reeling under Hyperinflation

The Bolivarian Republic of Venezuela, a federal republic spread across the area of 916,445 Sq Km on the northern coast of South America, had a population of more than 31 million people in the year 2017. Surrounded by countries like Guyana, Brazil, Colombia, the Dutch Lesser Antilles, and Trinidad and Tobago, its economy had been largely based on the petroleum sector, manufacturing, and export of heavy industry products such as steel, aluminum, and cement. The economy had been robust with a steady growth seen in manufacturing as well as exports during the period 1950 to 1990. (See Exhibit 1 for an overview of economy of Venezuela)..