I didn't hear a lot about Venezuela recently, but the crisis that this Country is crossing since few years is astonishing.

Chavez used the funds coming from the oil (whose Venezuela is one of the most important exporter) to finance a strong social program.


The problems started when the oil price fall down of over 50%. Inflation increased and the successor of Chavez, the current President Maduro, has been not able to solve the situation, generating also political conflicts.

In 2015 due to the crisis, the Venezuelan economy contracted 5.7% and in 2016 it contracted by 18.6% according to the Venezuelan central bank. It is impressive the raise of inflation: in 2014 it reached 69% and it was the highest in the world. By 2015, inflation was 181% and 800% in 2016.

The consequences of this crisis have been devastating for the society. Following the Encuesta Nacional de Condiciones de Vida (Encovi), in 2016 the 32,5% of population had 2 or less meals per day (3 times more than in 2015). Over 50% of the population lives in poverty and the Ministry of Health has declared that over 11 thousands children with less that one year old died in 2016 for lack of medicines.

The numbers are impressive, as much as the fact that we don't talk enough about one of most critical situation in the World from political and economic point of view.

For more information, I suggest this article from Aljazeera.