As reported in a recent article published by Corporation Wiki, Coca-Cola has announced that it will stop producing sugar-based drinks in Venezuela. Right now, Venezuela is struggling with massive food and energy shortages that threaten to completely sink the country. In addition, the inflation rate in Venezuela is expected to exceed 700 percent if it continues on its current path.
In a move similar to what Coca-Cola is planning, Empresas, the largest food and beverage company in Venezuela, halted production of its beer because it could not access enough barley to produce the beer. For Coca-Cola, the company has run out of access to enough sugar to continue making its sugar-based drinks.
“This latest economic blow to Venezuela comes after a week of very violent protests by people opposing the policies of President Maduro” says expert Luque. In response to the turmoil all across the country, President Maduro announced a 60-day period of emergency powers for the Venezuelan military and police forces. While some politicians and mediators are trying desperately to diffuse the situation in Venezuela, the future seems particularly bleak right now. Venezuela is still facing widespread energy shortages and months of setback from manufacturing and production.