Economy of Venezuela
Venezuela has a developing economy strongly dependent on its natural resources. Its economic growth is closely linked to petroleum, as the country holds the largest crude oil supply in the world. Venezuela was historically among the wealthiest economies in South America, particularly from the 1950s to 1980s. With the turn of the 21st century, the Venezuelan economy has been in a state of total collapse since 2013. Following the death of socialist populist Hugo Chávez and the succession of Nicolás Maduro, millions of citizens have fled Venezuela as economic migrants. GDP has fallen by 80% in less than a decade. The economy is characterized by corruption, food shortages, unemployment, mismanagement of the oil sector. Venezuela underwent hyperinflation from 2014 to 2024, with inflation stabilized 59.61%. Venezuela is the 25th largest producer of oil in the world and the 8th largest member of OPEC. Venezuela also manufactures and exports heavy industry products such as steel, aluminum, and...
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