![]() The IMF estimates 2018 inflation will surpass 13,000 percent, and the economy will contract a further 15 percent. In the absence of official GDP or inflation figures for 2017, local economic consulting firms estimated the economy shrank at least 12 percent, with inflation over 2,000 percent, while widespread shortages of consumer goods continued. According to Central Bank of Venezuela (BCV), the country finished 2016 with an estimated 16.5 percent economic contraction and 274.4 percent inflation. Low global oil prices have aggravated Venezuela’s economic crisis as have corruption and chronic mismanagement of the oil production sector by the Venezuelan government. Conditions for foreign investment are likely to deteriorate in the near term. Political tensions, state interventions in the economy, macroeconomic distortions, physical insecurity, corruption, interruptions in the supply of electricity, a challenging labor environment, and a volatile and non-transparent regulatory framework make Venezuela a restrictive climate for foreign investors. Venezuela is located on the northern coast of South America. Under Secretary for Public Diplomacy and Public Affairs.Bureau of South and Central Asian Affairs.Bureau of International Organization Affairs.Bureau of European and Eurasian Affairs.Bureau of East Asian and Pacific Affairs.Office of Management Strategy and Solutions.Bureau of Overseas Buildings Operations.Bureau of Information Resource Management.Bureau of the Comptroller and Global Financial Services.Office of the Science and Technology Adviser.Bureau of Oceans and International Environmental and Scientific Affairs.Bureau of Economic and Business Affairs.Under Secretary for Economic Growth, Energy, and the Environment.Economic Growth, Energy, and Environment.Office to Monitor and Combat Trafficking in Persons.Office of the Special Envoy To Monitor and Combat Antisemitism.Office of International Religious Freedom.Bureau of Population, Refugees, and Migration.Bureau of International Narcotics and Law Enforcement Affairs.Bureau of Democracy, Human Rights, and Labor.Bureau of Conflict and Stabilization Operations.Under Secretary for Civilian Security, Democracy, and Human Rights.Civilian Security, Democracy, and Human Rights.Bureau of International Security and Nonproliferation. ![]() Bureau of Arms Control, Verification and Compliance.Under Secretary for Arms Control and International Security.Arms Control and International Security.Office of Small and Disadvantaged Business Utilization.Deputy Secretary of State for Management and Resources.Bureau of Cyberspace and Digital Policy.Security Coordinator for Israel and the Palestinian Authority Special Representative for Syria Engagement.Special Presidential Envoy for Hostage Affairs.Special Presidential Coordinator for the Partnership for Global Infrastructure and Investment Global AIDS Coordinator and Global Health Diplomacy Office of the Special Envoy for Critical and Emerging Technology.
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