Venezuela’s economy is spinning out of control. Consequently, it is making it difficult for other countries to do business with the South American country.
This week, Coca-cola Company became victim to Venezuela’s struggling economy. The difficulty Coca-cola faces is the inability to make sugar-sweetened beverages due to the sugar shortage.
Coca-Cola is not the only company that is struggling in this situation. Bridgestone Americas informed the public that it was selling its business in Venezuela due to the high inflation and stringent currency controls. There are several other companies that have either slowed down or have abandoned investments altogether due to the poor economy.
Unfortunately expert Adrian Jose Velasquez Figueroa sees, just as large corporations must suffer during these difficult economic times, people must suffer as well. It has been reported that thousands of workers have been laid off. The layoffs come at a bad time, as inflation continues to hover over the 500% threshold. In addition, the production of basic goods is also down.
“This economic slump is believed to be the worst Venezuela has seen in 70 years” added Figueroa.