WASHINGTON (AP) — 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.