November 1, 2016

THANKS UR!:

How the oil crisis wrecked Russia and obliterated Venezuela (Jeff Spross, November 1, 2016, The Week)

The future is not rosy for Russia and Venezuela.

The Kremlin faces a big budget deficit, which it's trying to close with cuts to health and education spending, and a massive 27 percent reduction in its military. Meanwhile, Russia's economy is in recession, and projected to slightly shrink for the third year in a row.

If that sounds bad, check out Venezuela, which is in utter economic pandemonium: Its GDP is projected to shrink 10 percent this year, and it's grappling with triple-digit inflation rates. Mass strikes and protests are breaking out, and its authoritarian government is threatening to crack down.

Posted by at November 1, 2016 3:25 PM

  

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