Venezuela
South America · Updated July 10, 2017Since President Nicolas Maduro inauguration in April 2013, the country’s economic crisis worsened by the decline in global oil prices and his administration mismanagement of public funds. The economic downturn resulted in skyrocketing inflation leading to food and basic goods shortages nationwide. The closing of several large factories...
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Since President Nicolas Maduro inauguration in April 2013, the country’s economic crisis worsened by the decline in global oil prices and his administration mismanagement of public funds. The economic downturn resulted in skyrocketing inflation leading to food and basic goods shortages nationwide. The closing of several large factories and the departure of international companies, who were unable to manufacture or sell their products in the country, led to growing unemployment, resulting in deteriorating security situation and increased civil unrest. In an attempt to control the country’s economic crisis, the government implemented several unpopular measures, including controlled blackouts to reduce electricity usage, shortened the national workweek, printed new currency notes to ease inflation and nationalized numerous foreign-owned businesses. These measures prompted widespread demonstrations and increased concerns over the administration ability to control the country political stability. Social unrest further increased after Maduro’s announced he will trigger an article of the constitution that creates a super-body known as a "constituent assembly," which can dissolve public powers, re-write the constitution and call general elections, echoing a previous move by his predecessor Hugo Chavez in 1999 soon after he won office. The rising tensions and daily violent protests, many of which turned deadly, led Western governments to evacuate non-essential diplomatic staffers and issue travel warning to their nationals wishing to visit the country.