Venezuela deteriorates

Background

Nicolás Maduro Moros is a Venezuelan politician who has been the President of Venezuela since assuming office in 2013. Previously he served under President Hugo Chávez as Minister of Foreign Affairs from 2006 to 2013 and as Vice President of Venezuela from 2012 to 2013. The crisis in Venezuela is the socioeconomic and political crisis that Venezuela has undergone since Hugo Chávez's tenure and which extended over the years into the current presidency of Nicolás Maduro. It is the worst economic crisis in Venezuela's history and the contraction of national and per capita GDPs between 2013 and 2017 has been more severe than that of the United States during the Great Depression.

Venezuela deteriorates

Analysis

Venezuela’s crisis has steadily intensified as a result of “lower oil prices, corruption and a socialist system plagued with mismanagement. But as Maduro has sought to further consolidate power in the past 12 months, the economy, public services, security and health care have all but collapsed,” reported by Washington Post. They further added, “Armed gangs and Colombian guerrilla groups are operating unchecked on Venezuela’s borders. Pro-government militias are terrorizing urban areas, while police stand accused of extrajudicial killings.”

“A failed state is one that cannot meet the most basic functions of government,” said Jean Paul Leidenz, an economist at Ecoanalítica, a Caracas-based analytical firm. “Venezuela now certainly has that characteristic.”

Venezuela deteriorates

Assessment

Our assessment, as we stated previously is that Venezuela is close to becoming a de-facto failed state in Latin America. Millions of its populations are starving and millions more are struggling to access basic resources like medical supplies.

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