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The political, social and economic crisis that has come to define their South American homeland has evolved since it began a decade ago as a result of a global drop in the price of oil, Venezuela ...
Under Maduro’s watch, up to 8 million Venezuelans have fled the country amid unprecedented levels of poverty and economic mismanagement – thousands of whom have trekked north to the US’s ...
Most Venezuelans who have left in the past decade have settled in Colombia, where the government has set up a program to grant them legal residency status and incorporate them into the formal economy.
The economy of Venezuela is based primarily on petroleum, [4] [18] as the country holds the largest crude oil supply in the world. [19] Venezuela was historically among the wealthiest economies in South America, particularly from the 1950s to 1980s. [ 20 ]
Venezuelan's unemployment rate hit 17.4% at the end of June 2017, with the jobless total having doubled over 12 months, when two million people lost their jobs. [80] In January 2016 the unemployment rate was 18.1 percent [81] and the economy was the worst in the world according to the misery index. [82]
In 2015 the Venezuelan economy contracted 5.7% and in 2016 it contracted 18.6% according to the Venezuelan central bank; [81] after that, the government stopped producing data. [140] Ecoanalítica, a Venezuelan consultant, told The Wall Street Journal that output had halved between 2016 and 2019. [140]
While Maduro once laughed at Venezuelan migrants who he said were cleaning toilets in richer countries, during the election campaign he has urged Venezuelans to return home amid a recovering economy.
Venezuela's economy grew more than 5% in 2023 and growth will reach 8% this year, President Nicolas Maduro said on Monday during his annual address to the government-allied legislature. Venezuela ...