Editing Economy of Venezuela (section)

== 2020-present ==
{{blockquote|Almost 82% of Venezuelans live in poverty, with 53% in extreme poverty, unable to buy even basic foodstuffs.{{pb}}{{ndash}} A UN special reporter said in February 2024 after visiting the country.<ref name="u571">{{cite web | title=Venezuela's election: More Maduro or a new democratic era? | website=CBC | date=25 Jul 2024 | url=https://www.cbc.ca/news/world/venezuela-election-preview-1.7274864 | access-date=25 Jul 2024}}</ref>}}

Venezuela was “once among South America's wealthiest countries” before the economic meltdown under Maduro regime.<ref name="gbnew2024jul">{{cite web |last=Bishop |first=Holly |date=27 Jul 2024 |title=Venezuela 'on brink of civil war' as Putin-ally warns of 'BLOODBATH' if he loses crunch vote |url=https://www.gbnews.com/news/world/venezuela-brink-civil-war-nicolas-maduro-putin-ally-warns-bloodbath-election |access-date=28 Jul 2024 |website=GB News}}</ref>

“The formerly rich petro-state has seen GDP fall by 80% in less than a decade, driving some seven million of its citizens to flee. Most Venezuelans live on just a few dollars a month, with the health care and education systems in total disrepair and biting shortages of electricity and fuel” as of 2024, according to [[VOA]] (report from [[Agence France-Presse|AFP]]).<ref name="h998">{{cite web |agency=Agence France-Presse |date=27 Jul 2024 |title=Concern grows as Venezuela blocks election observers |url=https://www.voanews.com/a/concern-grows-as-venezuela-blocks-election-observers/7715124.html |access-date=27 Jul 2024 |website=Voice of America}}</ref>

A report published by Transparencia Venezuela in 2022 estimated that illegal activities in the country made up around 21% of its GDP. According to the report, drug, oil and gold trafficking, as well as illegal activities in ports and customs had generated over 9.4 billion dollars for organized crime protected by corrupt officials. In 2021, gold extraction generated around 2.3 billion dollars, of which the State received only 25%.<ref name=":5" /><ref name=":6" /><ref name=":4" />

By 2023, the economic situation of Venezuela improved, with the economy growing by 15% and extreme poverty rates decreasing, thanks to a liberalized economy and more access to the [[United States dollar]]. However, inequality is high, with wealthy Venezuelans making more than 70 times the poorest ones.<ref>{{Cite news |last1=Herrera |first1=Isayen |last2=Robles |first2=Frances |last3=Fernandez |first3=Adriana Loureiro |date=2023-03-21 |title=Ferraris and Hungry Children: Venezuela's Socialist Vision in Shambles |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/03/21/world/americas/venezuela-economy-wealth-gap.html |access-date=2023-06-23 |issn=0362-4331}}</ref> In 2024 inflation cooled to 1.7% monthly after injection of [[Chevron Corporation|Chevron]] dollars—the lowest in a decade.<ref>{{Cite news |last=Yapur |first=Nicolle |date=2024-02-19 |title=Chevron Dollars Cool Venezuela's January Inflation to Decade Low |url=https://www.bloomberg.com/news/articles/2024-02-19/chevron-dollars-cool-venezuela-s-january-inflation-to-decade-low |access-date=2024-02-19 |work=[[Bloomberg News]]}}</ref>