Greece and Venezuela: Which Country is Struggling With Bigger Problems?
Recent business review conducted by Bloomberg experts doesn’t show positive outlook on the world economy in the upcoming year. Particularly, economists have highlighted 10 countries that will be struggling to confront risk of plunging into recession. Venezuela’s economy is highly dependent on export of oil (which makes up approximately 95 per cent of countries total volumes of export). Moreover the situation will be aggravated by deficit of goods thus contributing to negative GDP index.
Greece is another player on international markets that will face global challenges in 2016. According to recent forecasts, erratic outburst of migration crisis accompanied by issues in banking sector exacerbate current situation in economic sector. Experts insist that GDP of Venezuela will decrease up to 3.3% whereas Greece is going to face less severe index value (equal to -1.8%).
Inflation at 68% rate, acute food crisis and absence of political stability serve as testimony of the below mentioned forecast. Venezuela is currently facing consumer goods shortages due to the fact that government is not capable of splurging on imported food. Country is also not able to benefit from its world’s largest oil reserves. Local currency is unremittingly losing its value; the situation is aggravated by malpractice and upsurge in unofficial money markets. Interrelation of all these factors increases economic instability in Venezuela.
Despite gloomy outlook on the year ahead in terms of economic development for both Venezuela and Greece, mavens agree on the point that the latter has more chances to go through recession spiral with less severe repercussions.
Numerous negative aspects of Venezuela economic situation trigger decline in GDP growth as one of the main indices of country’s prosperity. Although there are assertions that critics amplify the existing crisis, it’s still obvious that Greece is one step ahead in economic development.
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