• The Financial District

VENEZUELA’S ECONOMY DROPS 33% IN 2ND QUARTER, SOLON CLAIMS

Venezuela's economy shrank by 32.8% in the second quarter compared with the same period last year, the opposition-controlled National Assembly told Deutsche Presse-Agenture (dpa) in Bogota, Colombia.

Lawmaker Jose Guerra attributed the contraction to a drop in oil production and to effects of the coronavirus pandemic.


The economy has shrunk by 90% since President Nicolas Maduro took power in 2013, according to the assembly, which has been receiving funds from the United States, United Kingdom and other countries that came from seized Venezuelan assets.


The oil-rich country has faced a massive economic crisis, including hyperinflation and shortages of basic goods, which has sent about 5 million of its citizens fleeing abroad, after the US and its Latin American imposed sanctions against Venezuela, with US President Donald Trump seizing refineries owned by Venezuela as well as cash from gasoline stations in the US controlled by the Venezuela state oil company. The UK, in turn, also seized gold owned by the Maduro government.


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