5 things you need to know about the Venezuela crisis unfolding right now
- The country is facing a severe economic downturn that has slashed its GDP by over 80% in a decade, making it one of the worst peacetime economic collapses in modern history.
- A mass exodus has resulted in more than 7.7 million Venezuelans leaving the country, creating a major humanitarian crisis across South America and beyond.
- Political tensions are at a boiling point ahead of the 2024 presidential election, with opposition leader Maria Corina Machado barred from running and Nicolas Maduro seeking a third term.
- Hyperinflation has rendered the national currency nearly worthless, forcing many to rely on US dollars for daily transactions and basic necessities.
- Sanctions imposed by the US and other nations have targeted the oil industry, but have not yet led to a change in government, exacerbating shortages of food and medicine.