Over the course of 2015-2017 the IT market in Venezuela collapsed as the country experienced a severe economiccrisis, which also saw the domestic IT industry grind to a halt and have its long term prospects weakened as skilled workers fled thecountry. The domestic IT market was hit by hyperinflation and a collapse of the bolivar's value against the US dollar that meantconsumers primary focus switched to obtaining basic goods. The domestic industry was hit by weak demand, as well as foreignexchange restrictions that meant inputs were scarce, and brain drain. We maintain a negative outlook unless there is wholesaleeconomic regime change, but this scenario is a low probability event under the current political system.
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