Venezuela, once boosted by Hugo Chávez, is suffering one of the world's worst economic crises amid a political row between President Nicolás Maduro and opposition leader Juan Guaidó.
Venezuela’s ongoing crisis has brought the Latin American state to the forefront of international headlines, where political forces in support of and opposed to President Nicolás Maduro have struggled to control the narrative on what’s going on less than 2,000 miles off the shores of the United States.
Bertelsmann Stiftung's 2018 Transformation Index—evaluating “the state of political and economic transformation as well as transformation management”—ranked Venezuela 110 out of 129 nations, with a score of 3.47 out of 10. In addition to criticizing the country’s economic performance, the report noted how state-sanctioned “Operations to Liberate and Protect the People,” which were “designed to halt the country’s surging crime rates,” often led to more deaths.
Unlike North Korea—to which travel remains banned for U.S. citizens since August 2017—nothing officially stops you from visiting Venezuela. U.S. citizens will need to obtain a Venezuelan visa, however, and that could be tricky as Maduro and Trump’s administrations have severed diplomatic ties with one another.
Does Venezuela have a good economy?Venezuela is a country rich in resources that has suffered from both internal mismanagement and external intervention. The Department of Energy’s Energy Information Administration places Venezuela’s proven crude oil reserves as first in the world. At an estimated 303 billion barrels, that’s more than the rest of the Americas combined.
“Increasing public spending initially supported the economy but became an issue when the government resorted to printing money to finance ever-growing fiscal deficits," Sergi Lanau, deputy director of the International Institute of Finance, told Newsweek."While the economy grew strongly in the 2000s, policies turned increasingly more unsustainable from a medium-term perspective. “
Viewing the U.S. as an imperial power, Chávez and Maduro aligned themselves with fellow leftist-led Latin American nations like Bolivia and Cuba and sought other traditional critics of U.S. foreign policy abroad, such as Russia and Iran. Ultimately these countries would provide a vital lifeline for Maduro.
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