16 Fastest Declining Economies in the World in 2024

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1. Venezuela

Average GDP Growth: -8.94%

Venezuela is facing severe economic challenges, with hyperinflation crossing 344% in 2023, which had a massive impact on purchasing power. Since 2013, Venezuela’s economy has contracted by almost 75% leading to widespread poverty. In addition, international sanctions have drastically affected economic growth. Venezuela ranks first among the fastest-declining economies in the world in 2024.

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Disclosure. None. This article was originally published on Insider Monkey.

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