Nicolás Maduro's Rule Leaves Venezuela Among the Poorest Countries

During Nicolás Maduro's rule, Venezuela has experienced a drastic economic decline, making it one of the poorest countries in the world. According to data from the International Monetary Fund (IMF), the GDP per capita in Venezuela has significantly decreased over the years.

In 1994, the GDP per capita in Venezuela was 2,742 USD, which was already below the world average of 5,147 USD and the Latin America and Caribbean average of 3,936 USD. However, there were periods of growth during Hugo Chávez's presidency, with the GDP per capita reaching its peak at 12,688 USD in 2012. Chávez's policies, which included extensive social programs funded by high oil revenues, initially boosted the economy.

Unfortunately, the economic situation deteriorated rapidly under Nicolás Maduro's leadership, who took office in 2013 following Chávez's death. The decline can be attributed to several factors including mismanagement of the economy, corruption, falling oil prices, and sanctions. By 2015, the GDP per capita had plummeted to 4,097 USD, and it continued to decline, hitting a low of 1,567 USD in 2020. In 2023, the GDP per capita slightly recovered to 3,659 USD, but it still remains significantly lower than the world average of 13,359 USD and the regional average of 10,291 USD for Latin America and the Caribbean.

This stark contrast highlights the severe economic challenges Venezuela faces compared to both global and regional standards, underlining the profound impact of Maduro's policies on the nation's economic health.


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