Venezuela’s struggling economy was crushed by COVID-19 : The Indicator from Planet Money – NPR


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For the last several years, Venezuela has been in a deep economic crisis. The country used to be a significant oil power, but poor leadership and mismanagement drove the country into a fiscal maelstrom. Inflation skyrocketed, devaluing the bolívar to the point that the country’s currency is all but worthless. The result has been chaos, poverty, unemployment and even starvation. The country has been plagued by power blackouts and water shortages. Many Venezuelans can’t put food on the table.

The coronavirus pandemic has made a bad situation appalling. And the last couple of weeks have seen things become even worse. The state of Venezuela’s oil industry shows how desperate the country’s circumstances have become: Venezuela still has some of the biggest oil reserves in the world, but the last oil rig stopped drilling last week. And the current president, Nicolás Maduro, does not appear to be doing anything to resolve things.

Economist Gabriela Sade grew up in Venezuela. We’ve had her on the show several times before to talk about her country. So today we check in with Gabriela about what’s happening in Venezuela and how things have changed because of COVID-19.

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About Noticias de Nueva Esparta Venezuela 5255 Articles
The Publisher: Juan Rodulfo, Defined by Nature: Planet Earth Habitant, Human, Son of Eladio Rodulfo & Briceida Moya, Brother of Gabriela, Gustavo & Katiuska, Father of Gabriel & Sofia; Defined by the Society: Venezuelan Citizen (Human Rights Limited by default), Friend of many, Enemy of few, Neighbor, Student/Teacher/Student, Worker/Supervisor/Manager/Leader/Worker, Husband of Katty/ Ex-Husband of K/Husband of Yohana; Defined by the US Immigration System: Legal Alien; Defined by the Gig Economy: Independent Contractor Form 1099; Studies in classroom: Master Degree in Human Resources Management, English, Chinese Mandarin; Studies at the real world: Human Behavior; Studies at home: Webmaster SEO, Graphic Web Apps Design, Internet & Social Media Marketing, Video Production, You Tube Branding, Trading, Import-Exports, Affiliate Marketing, Cooking, Laundry, Home Cleaning; Work experience: Public-Private-Entrepreneur Sectors; Other Definitions: Bitcoin Evangelist, Human Rights Peace and Love Advocate. Author of: Why Maslow: How to use his theory to stay in Power Forever (EN/SP), Asylum Seekers (EN/SP), Manual for Gorillas: 9 Rules to be the “Fer-pect” Dictator (EN/SP) Social Media profiles: Twitter/FB/Instagram/VK/Linkedin/Sina Weibo: @rodulfox