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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]
The prolonged economic and political instability in Venezuela has forced millions of Venezuelans to leave over the past decade, quashing many of their dreams and leaving many wondering if they'll ...
Maduro’s honeymoon with private sector threatened by the bolivar’s decline
The respite — coming after Venezuela's economy contracted 80% from 2014 into 2021 — even prompted some Venezuelans to return from Colombia, Peru, Ecuador and other Latin American countries ...
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.
Political, social and economic crises have pushed millions of people out of their home countries across Latin America and the Caribbean in recent years. Over 7 million people have fled Venezuela ...