According to the International Monetary Fund, Venezuela’s economy will soon shrink more than any other nation on Earth.

As Bloomberg reports, the IMF has informed that “Venezuela is projected to experience a deep recession in 2015 and 2016.” The socialist country’s real gross domestic product will likely go down to 10 percent this year and then to 6 percent in 2016.

Venezuela’s economic woes are due to falling oil prices.

President Nicolás Maduro’s administration has tried to counter the downturn of their economy by maintaining fixed prices for staple foods.

In the wake of inflation and recession, Maduro has blamed many foreign factors for his nation’s hard economic times. He has accused the U.S. of backing a right wing plot to undermine his country, and he has railed against Colombian smugglers who he says have taken inexpensive Venezuelan products such as food and gasoline and gone on to sell them for huge mark-ups.

Regarding Maduro’s insistence that the U.S. is trying to undermine his administration, Xabier Coscojuela, the editor of the Caracas newspaper Tal Cual, remains unconvinced. As quoted in NPR, Coscojuela said, "I've lost count of the number of alleged plots to overthrow or kill the president."

"It's something like ten over the past two years. But there is no credible evidence in any of these cases,” he added.

In August, Maduro declared a state of emergency and closed Venezuela’s border with Colombia, ostensibly in order to stop smugglers.

These actions have not necessarily endeared him to his people.

The Times reports Jesus Torrealba, a spokesman for the opposition coalition named the Democratic Unity Roundtable, says, “No Socialist Party candidates want Maduro to visit their states because that would be the kiss of death.”

CNN reports that companies such as Pepsi, Ford, General Motors and IBM have all reported some type of exposure or loss due to the devaluation of Venezuela’s currency.