Inflation is expected to rise 1,660% this year and 2,880% in 2018, according to the IMF.Another key problem is the relatively low price of oil, which stands at half of what it was in 2014. Venezuela has more oil reserves than any other nation in the world, and oil shipments make up over 90% of the country’s total exports.That’s making it nearly impossible for the country to pay its debts and import food, medicine and other essentials for its citizens.Venezuela’s imports are down 50% from a year ago, according to Ecoanalitica, a research firm in Venezuela.CNNMoney (New York) First published March 1, 2017: 12:09 PM ETContact UsClosed CaptioningSite MapMost stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes.
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