Venezuela

Congratulations Bolivarian Socialists, Venezuela Caught Up With North Korea

/ AFP / FEDERICO PARRA (Photo credit should read FEDERICO PARRA/AFP/Getty Images)

Venezuelan socialists finally did it.

They helped Venezuela catch up with North Korea in economic freedom, that is.

That’s according to the recent 2017 Index of Economic Freedom ranking, which places Venezuela in 179th position — next to North Korea, which occupies the 180th.

Published by the Heritage Foundation, the Economic Freedom report measures such things as trade freedom, business freedom, investment freedom, and the degree of property rights protection in 180 countries actually ranked.

Venezuela is also catching up with North Korea in corruption, while it is well ahead in inflation, which runs at 800%.

Meanwhile, its economy is imploding, with GDP down down 18.6 percent at an annual rate.

Country

Index of Economic Freedom Ranking

Corruption Rank

Inflation Rate

GDP Annual Growth Rate

Interest Rate

Venezuela

179

166

800%

-18.6%

20.76%

North Korea

180

174

55

-1.1

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