03:43 GMT05 August 2020
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    Since the beginning of the fall in oil prices in 2014, Venezuela's economy has been going through an unprecedented economic crisis, as oil provided up to 95% of Venezuela's export earnings, accounting for around 25% of the nation's GDP, when combined with gas. Because of the crises, more than 2 million people have left the country.

    Venezuelan President Nicolas Maduro compared the US President Donald Trump with Adolf Hitler, as Trump "persecutes Venezuelans like Hitler persecuted the Jews".

    In a statement to the nation, Nicolas Maduro, while announcing a 150% minimum wage increase, said that the "model of brutal economic warfare is being applied to Venezuela".

    The current state in which Venezuela finds itself was described as an "economic blockade", set up to "take away [Venezuelans'] right to happiness, prosperity and economic stability".

    He also accused the US of being an oil "market manipulator", which had brought about the almost-70% drop in oil prices.

    READ MORE: Over 4Mln Venezuelans Fled Country Since Maduro Came to Power — Reports

    Maduro hailed the minimum wage increase the first "corrector factor" of the national economic plan launched 100 days ago; at the same time it became the 12th such adjustment in the last 23 months, according to El Imparcial.

    The raise increases the monthly minimum wage from its current 1,800 to 4,500 bolivars (from $11 to $50 by different estimations).

    READ MORE: Argentina Cuts GDP Growth Outlook to Negative, Forecasts Poverty to Rise

    Venezuela is in the fifth year of an economic crisis which began in 2014, when oil prices began to fall.

    Earlier the International Monetary Fund reported that Venezuela's inflation rate will reach 10 million percent in 2019, comparing the situation in Venezuela with hyperinflation took place in Germany in 1923.

    READ MORE: Trump's Latin American Sanctions: Clear ‘Political Tactic' For Midterms

    The US under Trump's administration has steadily toughened its sanctions against Venezuela as Washington accuses President Maduro of violating democratic norms and not abiding by liberal values in his policy.

    Earlier the US imposed several rounds of sanctions against President Maduro and other senior Venezuelan politicians. The latest restrictions came in September of this year and were targeted primarily against President Maduro, his wife and several of Maduro's top supporters.

    READ MORE: US Slaps New Sanctions on Top Venezuelan Officials, Maduro's Wife — Treasury


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    minimum wage, sanctions, Donald Trump, Nicolas Maduro, United States, Latin America, Venezuela
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