Venezuela's 360% inflation fuels migration, poverty

Dec 6, 2023
While the economy is slowly improving, a quarter of Venezuela's population has left the country as high inflation and low wages persist.
A man counts cash to buy groceries in a Caracas supermarket. Prices are beyond the reach of many Venezuelans.
Federico Parra/AFP via Getty Images

After fleeing violence, many Venezuelan migrants seek work but lack permits

Nov 21, 2023
Some have temporary protected status, but work permits can take time. Those who arrived after July 31 can’t work legally.
Venezuelan migrants sign in at a refugee job fair in Chicago. But attendees who arrived in the U.S. after July 31 could not apply for jobs.
Esther Yoon-Ji Kang/WBEZ

Despite lifted sanctions on Venezuelan energy, don't expect a boom in oil exports

Oct 25, 2023
While demand for crude oil is high, greater investment and management would be needed to boost oil exports from Venezuela.
An oil pump in Caracas, Venezuela.
Federico Parra/AFP via Getty Images

With Venezuela's collapsing government, "the collapse of everything else"

May 7, 2019
Why economist Carlos Hernández is staying in the country, despite political turmoil and zero economic opportunity.
Dan Kitwood/Getty Images

Bitcoin offers stability in Venezuela's shaky economy

One Venezuelan economist uses bitcoin to defend his family against financial instability.
Dan Kitwood/Getty Images

Living through the economic crisis in Venezuela

Feb 11, 2019
For lawyer Juan Carlos Senior, the crisis has meant consumer prices he just can afford.
"Hyperinflation is destroying everything," says Juan Carlos Senior, a lawyer in Caracas, Venezuela.
Mario Tama/Getty Images

A look at Venezuela's economy as Maduro begins his second term

Jan 10, 2019
An estimated 5 million Venezuelans have left the country due to high poverty rates.
Venezuelan President Nicolas Maduro delivers a speech during the ALBA Summit at the Miraflores Palace, in Caracas on March 17, 2015.

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Venezuela launches new currency, but problems remain

Aug 20, 2018
Today Venezuela rolls out its new currency – the “sovereign bolivar.” It’s one of several steps the country is taking to curb runaway inflation, which is likely to top 1 million percent this year, according to the International Monetary Fund. What effect will this have on the South American nation’s economy? Click the audio player […]
A man shows new five Bolivar-notes in Caracas on Aug. 20, 2018.

Venezuela turns to crypto currency, hoping to salvage battered economy

Feb 20, 2018
Venezuelan government will begin pre-selling a cryptocurrency today, called the "petro."

Why Venezuela is in the midst of an oil industry "death spiral"

Jan 19, 2018
New figures show Venezuela’s oil output plummeted again last year, continuing a years-long streak of falling production. What will it mean for the economy as inflation soars and quality of life for residents declines? Rice University’s Francisco Monaldi explains why he calls the trend a “death spiral” for the country’s oil industry. Click the above audio […]