Country explorer: Venezuela
EXPERIMENTAL
2024
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Overview
Venezuela is a turbulent, upper-middle-income country in South America with a medium-sized population. Its economy has declined in recent decades, and is based on oil, mining and agriculture.
After the death of long-time president Hugo Chávez in 2013, a disputed presentential election and subsequent failed economic policies contributed to a [socioeconomical and political crisis](https://en.wikipedia.org/wiki/Crisis_in_Venezuela) that continues to this day. Venezuela has the largest oil reserves in the world.
Economy
Venezuela's economy has undergone drastic changes, marked by a significant decrease in GDP per capita, rising levels of poverty across various income thresholds, increasing unemployment rates, and soaring inflation, differentiating it sharply from its peers by exhibiting one of the world's most extreme cases of economic decline and hyperinflation.
Demographics
Venezuela's ongoing crisis, marked by hyperinflation, food and medicine shortages, and political instability, has led to a decline in life expectancy and the [Venezuelan refugee crisis](https://en.wikipedia.org/wiki/Venezuelan_refugee_crisis), the largest recorded refugee crisis in the Americas.
Basic needs
Venezuela has seen a decline in the indicators of basic needs, such as access to clean cooking fuels and safely managed sanitation facilities, reflecting significant challenges compared to its upper-middle-income peers, despite maintaining high access to electricity.
Human development
Venezuela has exhibited a precarious trend in human development, marked by a significant decline in its Human Development Index, a reversal from improvements to increases in child mortality rates, while maintaining relatively high literacy rates, illustrating a complex scenario of progress and setbacks unique among its Latin American peers.
Environment & energy
Venezuela has seen a notable reduction in per capita CO2 emissions and renewable internal freshwater resources per capita, a lack of significant diversification in renewable energy sources except for a slight increase in solar and wind, alongside a steady decline in forest area, reflecting challenges in environmental sustainability and energy transition efforts akin to trends observed in many upper-middle-income countries.
Technology & innovation
Venezuela has experienced a significant initial rise in internet usage and mobile subscriptions, similar to its regional peers, but its R&D spending as a share of GDP and scientific publication rates have not followed the upward trends observed in upper-middle-income countries, indicating challenges in sustaining technological and innovative growth.
Culture & society
Venezuela has experienced notable societal shifts, including a decrease in self-reported life satisfaction, an increase in gender inequality, and a fluctuating age dependency ratio, setting it apart from its peers in terms of the magnitude and rapidity of these changes amidst political and economic turmoil.
Governance
Venezuela has experienced a significant decline in governance quality, marked by reductions in the rule of law, increased perceptions of corruption, diminishing political and civil liberties, and worsening press freedom, placing it in a stark contrast to both regional peers and upper-middle-income countries.