Venezuelans struggle to cope with economic crisis

Venezuelans struggle to cope with economic crisis

Venezuelans struggle to cope with economic crisis

Written by Nathasha De Alwis

21 May, 2018 | 5:25 pm

(REUTERS) – Venezuelans struggle to cope with a deepening economic crisis as the oil-rich country is suffering from hyperinflation and U.S. sanctions.

In a grocery store in capital Caracas, payment is mainly made through phone apps or credit cards, as customers hardly ever carry adequate cash. The measures have eased the shortage of cash to some extent, but lack of mobile payment system and devices poses a big problem.

In the downtown area, shopping malls have clothing, electronic products, and other import goods in abundant supply. However, tariffs make these goods unaffordable.

Analysts believe that the top priority of the upcoming new government is to change its undiversified economy which features high dependence on oil.

The Venezuelan government has been the subject of increased pressure and sanctions from abroad, including the United States and the European Union, for alleged electoral fraud, corruption and causing widespread poverty.


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