According to an article published via Financial Times, Venezuela is on a course that will see a 60 per cent slump in imports over four years. In the fourth quarter of 2015, imports slumped 50.1 percent over the same quarter in 2014. The first two months of 2016 saw a 41 percent additional slump.
The World Bank has collected data on slumps since 1970. Studying those records show only two slumps which have been worse. The first one is Argentina where imports slumped by 65.6 percent in 1998 and in 2002. The second one is in Aruba between 2006 and 2010.
In separate analysis made by expert Adrian Jose Velasquez Figueroa, the government the government has spent 37 percent less this year when compared to the same period a year ago. So far this year, residents have spent 50 percent less money than they did in 2012.
Some analysts suggest that these facts will result in a large recession leading to a decrease in living standards. Velazquez Figueroa, however, paint an even dimmer picture saying that the country’s economy will result in a Somalia-type breakdown of civil order.