At present, the world’s highest inflation rate is in Venezuela, where the annual rate is 15,657%. Chavez is a legendary figure in Venezuela who transformed the country’s political and economic landscape by nationalizing industries and funneling enormous amounts of government money into social programs. Under his rule, Venezuela’s unemployment rate was cut to half, income per capita more than doubled, the poverty rate fell by more than half, education improved, and infant mortality rates declined.
The one mistake he did was his dependency on oil in a country riddled with Corruption where the elite were getting richer and the poor were getting poorer. Venezuela’s economy is built on oil, its leaders boast it has the world’s largest reserves and the handpicked President now Maduro is blaming crude prices for its woes. Oil accounts for more than 90% of Venezuelan exports. It helps to fund the government budget and provides the foreign exchange that the country needs to import consumer goods. Nearly everything of consequence in the economy, from toilet paper to trousers, is imported from abroad just like Kenya who now even imports sugar hahaha so sad.
As you all know Kenya discovered oil, the countries economy is worse now and closely tied with Moi’s regime. This will make us entirely dependent on oil as a country and our reserves are not even a fifth compared to the one in Venezuela. Corruption will likely be worse with this discovery and that will only lead to hyperinflation.
GOD SAVE US