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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.
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 ...
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]
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.
In its World Economic Outlook report, the IMF has provided inflation rate estimates between 1998 and 2019. In 2018, the annual inflation rate reached 929,790% and was expected to reach 10,000,000% by the end of 2019. [48] According to the October 2019 World Economic Outlook report, Venezuela's inflation rate of 500,000 is the highest in the world.
Most of those seven million migrants left Venezuela after 2014, according to the United Nations, amid an economic and political crisis brought about by a crash in the price of oil – a key export ...
Shortages in Venezuela of food staples and basic necessities occurred throughout Venezuela's history. [6] Scarcity became more widespread following the enactment of price controls and other policies under the government of Hugo Chávez [7] [8] and exacerbated by the policy of withholding United States dollars from importers under the government of Nicolás Maduro. [9]