(The Express) Alejandro Werner, the director of the department of the Western Hemisphere warned that the projection materialises, Venezuela’s economy will have contracted by 50 percent over the last five years, adding it would be among the world’s deepest economic falls in 60 years.

He said: “Venezuela remains stuck in a profound economic and social crisis.

“We are projecting a surge in inflation to 1,000,000 percent by end-2018 to signal that the situation in Venezuela is similar to that in Germany in 1923 or Zimbabwe in the late 2000’s.”