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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 ...
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]
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.
But Maduro endured and the economic and humanitarian crisis in Venezuela worsened. As a result, the U.S. has seen an increasing number of Venezuelans show up on its borders.
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]
Venezuela's economy is highly dependent on oil production and exportation. [2] Venezuela is a member of the Organization of Petroleum Exporting Countries. Its economy is prone to disruption given that price of oil fluctuates rapidly. In 2014, oil prices dropped. Since then Venezuela has had to adapt to a significant decrease in state revenue.
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.
The World Bank also explained that Venezuela's economy is "extremely vulnerable" to changes in oil prices since in 2012 "96% of the country’s exports and nearly half of its fiscal revenue" relied on oil production. In 1998, a year before Chávez took office, oil was only 77% of Venezuela's exports.