Russia-Ukraine Conflict and the Breaking of Hyperinflation in Venezuela
DOI:
https://doi.org/10.54691/bcpbm.v35i.3317Keywords:
Hyperinflation, Russia-Ukraine Conflict, Venezuela’s economic development, Global oil price.Abstract
The purpose of this paper is to analysis the influence of Russia-Ukraine conflict to the hyperinflation of Venezuela. With the implementation of economic theoretical approaches, this paper aims to present a comprehensive overview of the current economic development status of the nation and the causes of the hyperinflation situation during different governmental governances. More importantly, this paper will analysis whether the influence of Russia-Ukraine conflict in terms of oil market fluctuations and geo-political changes can serve as a turning point to the current Venezuela’s stagnated economy. Particularly, the impact of the conflict itself to the relations of the United States and Venezuela, and how will it influence the internal economic developments of the nation. To this end, this paper notes that although the conflict can be a turning point to the nation’s hyperinflation, Venezuela still requires a long-term economic strategy. This paper is attempting to contribute to the current geo-political environment of Russia-Ukraine conflict while providing potential solutions to Venezuela’s economy from a economic perspective.
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