WHY is Venezuela in Crisis?

Why is Venezuela in crisis?

This question should probably be answered by someone with a degree in economy, journalism, or politics.

WHY is Venezuela in Crisis?

Why is Venezuela in crisis?

This question should probably be answered by someone with a degree in economy, journalism, or politics.

Hi, we’re Rach & Marty!

We’ve visited every country in the world and want to help you get the most out of your travels!

Whether you need an expertly planned itinerary, some experienced hints and tips, or just craving a delicious food adventure, we’ve got you covered!

Hi, we’re Rach & Marty!

We’ve visited every country in the world and want to help you get the most out of your travels!

Whether you need an expertly planned itinerary, some experienced hints and tips, or just craving a delicious food adventure, we’ve got you covered!

Hi, we’re Rach & Marty!

We’ve visited every country in the world and want to help you get the most out of your travels!

Whether you need an expertly planned itinerary, some experienced hints and tips, or just craving a delicious food adventure, we’ve got you covered!

We may earn affiliate commissions from websites we link to, at no cost to you. Click here for details.

Why is Venezuela in Crisis mural
Why is Venezuela in Crisis – Murals in Caracas, Venezuela

But since we are not one of those, we’ll simply tell you how we understand it in a simple 600-word blog.

Consider this an introduction to why is Venezuela in crisis

Venezuela was once upon a time the richest country in Latin America. It has the largest oil reserves in the world. In the ’70s and the 80’s due to the boom in oil prices, this country has built up Caracas into a flashy megacity.

Life was good. But its wealth was dependent on the price of oil which was significantly higher than is today.

Why is Venezuela in Crisis Maduros poster
Why is Venezuela in Crisis? Maduro’s poster in Caracas, Venezuela

Today Venezuela has the highest inflation in the world making food and medicine inaccessible for most people. Its capital Caracas is turning into the most dangerous city in the world.

In February 2019 the country went through the longest blackout in any developed country. For the whole 8 days.

How did we get here?

In 2013 Nicolas Maduro was voted in as the president replacing the much loved Hugo Chavez. Hugo Chavez had wider support from the public. He pushed through socialist reforms that saw the unemployment and poverty rate halve in just a few years.

But his high government spending and borrowing, along with the drop in oil prices (Venezuela’s GDP relies heavily on Oil exports) is the key to what’s happening in the country today.

Things got much worse since Maduro took power. And although it’s believed 80% of people would like to see him go, the opposite has happened.

He managed to seize more power within the supreme court and national assembly, tactically stripping any opposition of its power.

He was re-elected as a president in 2018 for his second term, however, these elections have been widely dismissed as being rigged. All of these events contributed to the crisis in Venezuela today.

Why is Venezuela in Crisis - Downtown of Caracas, Venezuela
Why is Venezuela in Crisis – The downtown of Caracas, Venezuela

The situation today in 2019 – Venezuela in crisis

At this time, the opposition leader and the head of the National Assembly Juan Guido declared himself interim president.

According to the constitution, if the president is in power illegally (ie. rigged election) the position is vacant and the head of the assembly has the right to step in.

And this is where we are today. On one side, Maduro – the president serving his second term is backed by the military. On the other side Guido, asking for Maduro to step down, backed by many people in Venezuela & countries in the world (but not all).

In his latest speech for the 1st of May 2019, Guido calls for military forces to join the people in a peaceful protest, but this only led to unrest in the capital.

Venezuela in Crisis - the colours
Venezuela in Crisis – The colours of the flag of Venezuela are everywhere.

In between, 31 million people of Venezuela are waiting for a better future. It’s believed that 5 million people have now fled due to the crisis in Venezuela.

Let’s hope they get to return home soon.

We visited Venezuela in April 2019. You can read more about our experience there here: visiting Venezuela in a time of crisis.

Travel Tips for South America

We have many travel guides and tips for South America—a colourful and vibrant continent!

We believe these are the 15 best places to visit in South America.

Are you travelling on a budget? These five cheapest countries in South America will help you plan an itinerary that lets you see as much as possible.

Furthermore, if you plan to travel long-term (or at least until the money runs out), these 21 cheapest countries to visit will help you make your hard-earned dollars stretch a bit further.

Delicious cuisine can be enjoyed across South America. There’s Colombian cuisine, Venezuelan food, the food in the Dominican Republic, Brazilian cuisine, and even Guyanese cuisine to inspire you on your culinary journey.

For food lovers, don’t miss our top 10 best countries for food.

Would you like some suggestions for packing for your South American adventure? Our ultimate packing list for travellers has you covered for the essentials. 

These top 6 travel hacks to save money are great to read when planning your travels. Try these 5 popular foods in South America; they’re delicious!

You’ll need to stay connected while travelling in South America. We recommend eSIM. It’s easy, reliable and affordable. View eSIMs for individual countries, or consider a regional eSIM for Latin America (which covers 19 countries).

If your travels in Latin America are part of a much larger global adventure, then a Global eSIM may be the answer. It connects you in 124 countries, offering data-only eSIM and data/call/text eSIM. The Global eSIM has been a game-changer; we couldn’t imagine travelling without it now.

If you want to travel with like-minded travellers, consider joining a group tour. View the best deals on group tours in Latin America.

Check out our best-ever travel tips compiled from more than twenty years of experience.

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Travel Planning Resources

✈️ Flights: We use Skyscanner to book cheap flights worldwide.

🏨 AccommodationBooking.com is our preferred platform for booking hotels and accommodation. We use Vrbo to book apartments and long-term stays.

🏥 Travel Insurance: We recommend Heymondo (Get 5% off Heymondo) & SafetyWing

🚌 Transportation: Trainline is the best website to reserve trains. We use Omio to book transport worldwide. For travel in Asia, we use 12Go. 

🚘 Car Rental: We use DiscoverCars to book rental cars worldwide.

👫 Group ToursG Adventures OR compare multi-day tours worldwide with Tourradar.

📸 Day Tours & TripsGetYourGuide & Viator are the only two platforms you need.

📚 Lonely Planet: The Best Range of Travel Guides & Ebooks, and FREE Shipping! (use code RACHELDAVEY10 for a 10% discount)

🎒 LuggageOsprey Farpoint 40L Backpack or Samsonite Luggage Range.

🛄 What to Pack: Don’t forget your Universal charger and a good power bank.  To help you pack the essentials, here is our ULTIMATE Packing List for all Travellers.

🐶 Become a House Sitter: Join Trusted Housesitters and enjoy FREE accommodation worldwide. Use our invite to receive 25% off your new membership.

💰 Send Money Anywhere: WISE & Revolut are the best online accounts that let you send money, get paid, and spend money internationally. Both are so easy to use and way cheaper than any bank transfer.

📶 Stay Connected: Airalo eSIM allows you to get connected the moment you land at your destination, and you can avoid those expensive data roaming charges. We LOVE this product! Use promo code NOMAD15 for 15% off ALL eSIMs (new Airalo users only) OR use NOMAD10 for 10% off ALL eSIMs (for existing Airalo users)

✅ Check out our Travel Gear and Travel Resources for more valuable tips to save you money!

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