As part of the crisis in Venezuela, the country’s GDP took a big hit. While the gross domestic product was at more than US$330 billion when current president Nicolás Maduro took office in April 2013, it swiftly declined thereafter and is expected to hit US$68 billion in 2023, according to the International Monetary Fund. To be fair, Maduro’s ascent to power wasn’t solely responsible for the problems that started arising for Venezuela. In 2014, oil prices began to fall because of increased production in the U.S. and Canada. Being a country heavily reliant on oil, the Venezuelan economy was going to suffer. But severe economic mismanagement by Maduro’s administration, the failure or unwillingness to fight corruption and the lack of truly democratic governance worsened the crisis causing hyperinflation, severe food shortages and widespread protests.
Infographics: Venezuela’s power struggle – Guaido vs Maduro
