Venezuela crisis
With more oil reserves than Saudi Arabia, how is Venezuela so poor?
The Explanation · BBC World Service
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Show Notes
How has Venezuela, home to the world's largest oil reserves, become crippled with food and medicine shortages, hyper-inflation, violence and corruption? Hugo Chavez promised a socialist revolution in the 1990s, using high oil prices to fund his economic developments. However, during his time in power, he became increasingly autocratic and the economy slumped. Following Chavez’s death, Nicolas Maduro, also from the socialist PSUV party, became President but global oil prices began to plummet. The economy went into freefall and controversial elections in 2018 have led to ongoing political unrest. Jorge Pérez, a BBC Mundo journalist, explains how Venezuela descended into chaos.