FILE - A woman holds a wad of bills to pay her bus fare in Caracas, Venezuela, Feb. 7, 2018.
FILE - A woman holds a wad of bills to pay her bus fare in Caracas, Venezuela, Feb. 7, 2018.

The International Monetary Fund says the cumulative decline of the Venezuelan economy since 2013 will surpass 60% and is among the deepest five-year contractions the world has seen over the last half century.

Alejandro Werner is director of the IMF's Western Hemisphere Department. He describes the Venezuelan decline as a "historical case" because it is unprecedented in the hemisphere and also because it is the only one of the top global five-year contractions that is unrelated to armed conflicts or natural disasters.    

The IMF on Monday also adjusted its 2019 forecast for the South American country to a contraction of 35% — up from the 25% decline expected back in April — due to a sharp fall in the oil production, which has already plunged to its lowest level in seven decades.