Once an oil-rich country, Venezuela is now in its fourth year of hyperinflation and eighth year of economic recession.
Venezuela today announced a nearly threefold increase in the minimum salary, but inflation is so severe that the money from the salary increase is still not enough to buy a kilogram of meat.
Venezuelan Labor Minister Eduardo Pinate made the announcement to government supporters at a May Day Labor Day conference in Caracas.
The adjusted minimum monthly salary is 7 million bolivares, equivalent to US$2.50 (NT$70), and it costs about US$3.75 to buy a kilogram of meat in Venezuela.
Once an oil-rich country, Venezuela is now in its fourth year of hyperinflation and eighth year of economic recession.
Venezuela is currently in the worst economic crisis in modern history, and inflation has gotten so bad that daily economic activities are mainly denominated in U.S. dollars.
Venezuela’s leftist President Nicolas Maduro is under international sanctions initiated by the United States. The U.S. position is that Maduro must step down and not be recognized as the legitimate president of Venezuela.
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