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Disturbing footage showing a malnourished man butchering a dog in the street has been shared to highlight the dire economic state in Venezuela.

Residents filmed the man - who was begging on the streets - chewing as he cuts up the canine.

In the appalling footage, which was uploaded to social media, the very thin man cuts chunks of meat off the dog, while sat surrounded by piles of rubbish.

According to local reports, he then proceeded to eat them.

The shocking footage recorded in the borough of Los Guayos in the Venezuelan state of Carabobo has been used by local media to highlight the level of despair in the South American country.

(Image: CEN)

Venezuela's currency has become largely useless as the oil-rich country continues to suffer from economic crisis and battles hyperinflation that has reached dizzying levels unmatched anywhere else globally.

Many people have blamed the financial management of President Nicolas Maduro and his regime.

One eyewitness commented: "Only in Venezuela will you find people chasing dogs to eat. Maduro (President), you are doing very well, brother!"

Another resident said: "You see it, but it is hard to believe. This is for all those people who continue to vote for this government."

The country's financial woes have hit people hard.

(Image: CEN)

Nutritionist Marianella Herrera said: "Over 80 percent of households do not eat properly and more than half of parents do not have enough food for their children.

"Over 60 percent of family members are going to bed hungry to make their food last longer as they do not have enough money to go shopping."

Even public zoos are struggling to feed their inhabitants and some parks have been subjected to break-ins as desperate residents steal animals to eat.

(Image: CEN)

And conditions do not look set to improve soon in the country.

The IMF predicts inflation will reach 13,000% this year while the economy will shrink by a further 15%.

Venezuela's oil production is currently running 1.5 million barrels per day short of its historic output, according to the energy conference Ceraweek, also known as the 'Oil Man's Davos' which is being held in Texas this week.

And more than half of young Venezuelans now want to leave the country due to food shortages, violence and the political crisis, a new Gallup survey shared with the Guardian reveals.