Venezuela on the brink of collapse as hyper inflation reaches 12,615%

Venezuela is currently going through the worst economic hardship it has ever experienced in recent times.

The menace which began in 2011 has finally brought the South American country to the brink of collapse as hyper inflation reaches an unimaginable height of 12,615 percent.
Fluctuating oil prices has contributed immensely in creating the terrible situation since the commodity is the main source of revenue for the oil-rich nation.

The impact of the deficit in crude oil export created a vacuum that destabilized the fragile economy of the country.

Analysts have blamed the socialist system of government practiced in Venezuela as the root cause of the widespread hardship. That system has proven to be very difficult to sustain the country since the death of its promoter, Hugo Chavez.

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Many people believe that Mr Chavez who ruled the country from 1999 till his death in 2013 dug the massive sinkhole for Venezuelans.

It is estimated that more than 87 percent of the country now live in poverty, and shelves that were once filled with food now lie empty as people lose average weight of 11kg due to starvation.