The Venezuelan economy shrank 5.8% in the first three months of 2010 compared to the same period of 2009 and had the highest inflation rate in Latin America at 30.5%. President Chávez expressed optimism that Venezuela would emerge from recession despite the International Monetary Fund (IMF) forecasts showing that Venezuela would be the only country in the region to remain in recession that year. The IMF qualified the economic recovery of Venezuela as "delayed and weak" in comparison with other countries of the region. Following Chavez's death in early 2013, Venezuela's economy continued to fall into an even greater recession.