efe-epaBali, Indonesia

The International Monetary Fund in its World Economic Outlook report for 2018-19 released Tuesday, forecast that Venezuela would have an inflation rate of 10,000,000 percent in 2019 and that the country's economy would contract by 18 percent this year and 5 percent next year.

It also pointed out inflation would close the year at 1,370,000 percent, following the IMF's calculation in July that it would be 1,000,000 percent.

"Venezuela's hyperinflation is expected to worsen rapidly, fueled by monetary financing of large fiscal deficits and loss of confidence in the currency," the report said.

In April, the IMF predicted an inflation rate of almost 14,000 percent in Venezuela for this year and a fall in GDP of 15 percent, making it its fifth year in recession.

In Tuesday's report the IMF said that the Venezuelan government in August cut five zeros off the Bolivar and gave it the name of "sovereign".

These changes were some of the measures promoted by President Nicolas Maduro to alleviate the crisis affecting the country, which entered into hyperinflation a year ago.

The IMF's unemployment projections for Venezuela point at a rate of 34.3 percent in 2018 and 39 percent for 2019, higher than the 27.1 percent recorded last year.