Venezuela confirms 8216 structural 8217 economic problems

Venezuela has confirmed its economy is still suffering from "structural" economic problems and the measures the government has taken to arrest them are not working yet.

The South American country's finance minister Nelson Merentes argued that despite this, living standards are up for many members of the public in the nation.

Venezuela currently has the highest rates of inflation in Latin America, while the economy has suffered from sluggish growth and the country has a range of shortages.

"This is a government that has won 18 elections, that has had social achievements," Mr Merentes told Televen television, according to BBC News.

He added: "But it still has to be successful on the economy."

Mr Merentes suggested new laws could be introduced by the government in order to stimulate the economy in the South American country.

His comments come just a short time after Brazil's GDP growth for the second quarter was confirmed to have risen to 3.3 per cent year-on-year.

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