Venezuela, once one of the richest countries in Latin America due to its vast oil reserves, has suffered under the weight of hyperinflation for years. The country's economic decline began with government policies that relied heavily on oil revenues to fund social programs.
When oil prices crashed, the government resorted to printing money to sustain its spending, leading to inflation rates that reached nearly 283,000 percent in 2019. This economic mismanagement resulted in severe shortages of food and medicine, driving millions of Venezuelans into poverty or forcing them to flee the country.
I am Venezuelan, and I lived through this situation, it is devastating.