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By 2014, Venezuela had entered an economic recession [80] and by 2016, the country had an inflation rate of 800%, the highest in its history. [81] [82] The crisis intensified under the Maduro government, growing more severe as a result of low oil prices in early 2015, [8] and a drop in Venezuela's oil production from lack of maintenance and ...
An October 2020 report published by the Washington Office on Latin America (WOLA) by Venezuelan economist Luis Oliveros found that "while Venezuela's economic crisis began before the first U.S. sectoral sanctions were imposed in 2017, these measures 'directly contributed to its deep decline, and to the further deterioration of the quality of ...
[23] [25] The economy is characterized by corruption, good shortages, unemployment, mismanagement of the oil sector, and since 2014, hyperinflation. [22] [26] As of 2024, inflation has stabilized at 59.61%. [27] Venezuela is the 25th largest producer of oil in the world and the 8th largest member of OPEC.
Since Hugo Chávez was elected President of Venezuela in 1998, he and his political ambitions proved to be controversial.. President Hugo Chávez in 2010. Under Chávez, oil revenues in the 2000s brought funds not seen in Venezuela since the 1980s, with Chávez's government becoming "semi-authoritarian and hyper-populist", investing heavily in public works which initially benefited Venezuelans.
The crisis in Venezuela has resulted in the world’s largest mass migration in recent history: More than 7.7 million people have left the country since 2014, according to the United Nations High ...
The 2020 Barquisimeto shooting occurred on 29 February 2020, when pro-government colectivos shot at the Speaker of the National Assembly of Venezuela Juan Guaidó and his supporters in Barquisimeto, Lara state during a demonstration, leaving ten injured.
CARACAS, Venezuela (AP) -- President Nicolas Maduro's government on Monday gave three U.S. Embassy officials 48 hours to leave the country, accusing the Obama administration of siding with student ...
The U.S.-recognized winner of Venezuela’s presidential election on July 28, ... But Maduro endured and the economic and humanitarian crisis in Venezuela worsened. As a result, the U.S. has seen ...