{"id":6783,"date":"2019-01-27T04:50:51","date_gmt":"2019-01-27T04:50:51","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/venezuela-all-you-need-to-know-about-the-crisis-in-seven-charts\/"},"modified":"2019-01-27T04:50:51","modified_gmt":"2019-01-27T04:50:51","slug":"venezuela-all-you-need-to-know-about-the-crisis-in-seven-charts","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/venezuela-all-you-need-to-know-about-the-crisis-in-seven-charts\/","title":{"rendered":"Venezuela: All you need to know about the crisis in seven charts"},"content":{"rendered":"\n
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\"ImagesImage copyright<\/span>
\n Getty Images<\/span><\/p>\n

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Image caption<\/span>
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\n Inflation has spiked in Venezuela, making it difficult for people to afford basic essentials
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\n <\/figcaption><\/figure>\n

Growing discontent in Venezuela, fuelled by hyperinflation, power cuts and food and medicine shortages, has led to a political crisis.<\/strong><\/p>\n

Opposition leader Juan Guaid\u00f3 has declared himself interim president following large protests, galvanising opponents of current socialist President Nicol\u00e1s Maduro.<\/p>\n

Some 26 people were reportedly killed in demonstrations last week and the UN has warned that the situation could spiral out of control.<\/p>\n

More than three million Venezuelans have fled their country over recent years, blaming hunger, lack of medical care, rising unemployment and violent crime.<\/p>\n

Here are seven charts that try to explain what’s going on. <\/p>\n

1. Inflation is ridiculous<\/h2>\n

The biggest problem facing Venezuelans in their day-to-day lives is hyperinflation. <\/p>\n

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\"Chart<\/span><\/p>\n<\/figure>\n

According to a study by the opposition-controlled National Assembly, the annual inflation rate reached 1,300,000% in the 12 months to November 2018.<\/p>\n

By the end of last year, prices were doubling every 19 days on average. This has left many Venezuelans struggling to afford basic items such as food and toiletries.<\/p>\n

The number of bolivars – the national currency – needed to buy US$1 has also rocketed.<\/p>\n

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\"Bolivars<\/span><\/p>\n<\/figure>\n

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\"Short<\/span><\/p>\n<\/figure>\n

2. GDP is falling<\/h2>\n

Venezuela once boasted Latin America’s richest economy – boosted by the biggest oil reserves on the planet.<\/p>\n

But under former president Hugo Ch\u00e1vez, who died in 2013, and current President Maduro, corruption, mismanagement and high levels of debt have seen the country’s economy collapse.<\/p>\n

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\"Chart<\/span><\/p>\n<\/figure>\n

President Ch\u00e1vez took advantage of the oil boom in the 2000s to borrow heavily and government spending soared. <\/p>\n

Then, during President Maduro’s first term in office, the Venezuelan economy went into freefall. <\/p>\n

Many blame him and his socialist government for worsening the country’s decline.<\/p>\n

Plummeting oil prices in 2016 compounded the oil-dependant country’s crisis.<\/p>\n

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\"Short<\/span><\/p>\n<\/figure>\n

3. People don’t have enough food…<\/h2>\n

Venezuelans are going hungry. <\/p>\n

Of those questioned for the country’s annual living conditions survey (Encovi 2017), eight out of 10 said they were eating less because they did not have enough food at home.<\/p>\n

Six out of 10 said they had gone to bed hungry because they did not have the money to buy food.<\/p>\n

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\"Chart<\/span><\/p>\n<\/figure>\n

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\"Presentational<\/span><\/p>\n<\/figure>\n

And this is taking its toll on the nation’s health. <\/p>\n

Most people (64.3%) said they had lost weight in 2017 – 11.4kg on average, with the poorest losing most.<\/p>\n

Other key findings of the study included: <\/p>\n