Since the last report of the Brookings Institution Working
Group on Venezuela in April 2017,the crisis in Venezuela has considerably
worsened. As of fall 2018, the country is in a rapidly deepening economic and
humanitarian crisis, marked by growing scarcity of food, medicine, and basic
staples. Despite having one of the world’s largest oil reserves, Venezuela’s
oil production is declining and electricity and water shortages have lasted for
weeks in certain areas of the country. Hyperinflation, the product of
monumental government mismanagement, has continued to deplete Venezuelan
salaries and savings. The consensus among outside observers is that the severe
and poorly planned economic measures announced in August 2018 by President
Nicolás Maduro will accentuate the crisis. More…
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