Venezuela’s economic crash – timeline

As dictator of Venezuela for the past 14 years, Nicolás Maduro has presided over widespread poverty and one of the world’s largest fiscal deficits

Following a disputed election in 2018, the President of Venezuela led a coup in April of that year to remove President Hugo Chavez from power.

He claimed he was acting in accordance with the Venezuelan constitution.

In the aftermath of the coup, the South American country went into economic decline.

A severe drought caused a collapse in production in the crucial oil sector. A fall in foreign exchange, as a result of falling oil production, also contributed to problems.

Exacerbating the situation was the rise in inflation, estimated to be at 10% in 2018, and a steady fall in the national productive capacity.

Mr Maduro led the reform of the currency at the end of 2009, which took the bolivar down nearly 25% in a day.

His government made further severe cuts to social spending in 2017, before further reductions took place following the fall in oil prices.

However, Mr Maduro has remained popular in much of the country, and maintained solid backing in elections.

In elections held last year, the President was not re-elected – but three of his allies were.

The eventual results of the 2018 presidential elections are expected in March.

Leave a Comment