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Major economic collapsesEconomics Observatory
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78% Informative
Living standards in oil-rich Venezuela plummeted by a staggering 74% between 2013 and 2023 .
The country has seen the largest ever decline in living standards outside war, revolution or the collapse of the state.
Venezuela ’s demise was largely driven by domestic economic policies, although sanctions have played a role more recently.
Oil prices are volatile and when they plummeted from $100 to $40 per barrel in the summer of 2014 , Venezuela was drastically unprepared.
The country also lost an estimated $300 billion to corruption through its foreign currency system and other schemes, which it could have instead saved for periods of lower oil prices.
Venezuela 's self-destructive economic framework led to the largest ever economic decline outside war, revolution or state collapse.
In most countries, the judiciary or legislature would have contained the damage long before by stopping policies like uncompensated expropriations, price controls, profit controls, central bank money printing and extra-budgetary spending.
VR Score
78
Informative language
76
Neutral language
32
Article tone
formal
Language
English
Language complexity
63
Offensive language
possibly offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
short-lived
External references
11
Source diversity
10
Affiliate links
no affiliate links