The Economic Situation of Venezuela: Myths and Realities
January 4, 2026
Venezuela was once the richest country in South America, but its economy has faced a dramatic decline in recent years. Its Gross National Product (GNP) plummeted to 42.84 billion dollars in 2020, down from a peak of 372.59 billion dollars in 2012. Most residents live under severe conditions, with increasing poverty rates and famine. Despite the average per capita GDP being higher, the reality remains harsh for many. Social inequality is evident, with a small elite enjoying privileges, contrasting sharply with the larger population.