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In Venezuela, inflation is projected to reach 387.4%. The Belarusian website tochka.by reports that the causes include a long-standing political crisis, ineffective economic policies, and mass emigration.
Although the country possesses large oil reserves, the drop in global prices in 2014 dealt a severe blow to the economy, which is overly dependent on oil revenues.
Three other oil-producing countries round out the top of the list: Iran (68.9%), Nigeria (16%), and Libya (10.5%).
In Argentina, inflation will reach 30.4%. This is the result of reforms by President Milei, who has cut government spending.
At the opposite end of the ranking are several Caribbean countries. In Aruba, Belize, Grenada, Panama, Saint Vincent and the Grenadines, and the Bahamas, inflation is projected to be around 1% per year.
Costa Rica stands apart, with the general price level expected to fall by 0.4%. Although deflation, at first glance, benefits consumers, a prolonged decline in prices is considered undesirable: it weakens demand, reduces corporate revenues, and puts downward pressure on wages.
According to the IMF’s April forecast, inflationary pressures remain a serious problem, especially for developing economies.
