Remittances Keep Venezuelans Afloat Amid Economic Crisis
June 21, 2019-Money transfers into Venezuela from friends and family living abroad are primary means of survival for those left behind in the dire circumstances of economic collapse, according to economic data and on-the-ground reporting by The Indigo Traveller.
Economic Snapshot of Venezuela
Since 2014, the Venezuelan economy has been in free fall. In terms of economic size, its GDP shrunk from $324 billion in 2015 to $76 billion (projected) for this year. It started shrinking in 2014 with a decline of nearly 4 percent. The past two years, the economy decreased by more than 15 percent a year.
Meanwhile, inflation has skyrocketed -- by 10 million percent projected for this year alone.
That leaves residents dealing with food shortages, blackouts, unemployment, health issues...