Setting the record straight: When Venezuela’s economy began to implode [infographic]

A recent Brookings Institution paper concludes that Venezuela’s economic downfall began years ago. The former Maduro regime’s corruption and mismanagement pushed the country — once the wealthiest in South America — into a downward spiral of shrinking oil exports and rampant inflation.

According to the report, when analyzing several socio-economic outcomes in Venezuela over time, “it becomes clear that the bulk of the deterioration in living standards occurred long before the [U.S.] sanctions were enacted in 2017.”

Even the regime-controlled Central Bank of Venezuela reported 850% inflation in 2017 and confirmed that Venezuela’s GDP has declined in every quarter since the start of 2014.

The three graphs below demonstrate Venezuela’s ongoing economic and social crisis:

Graph showing consumer price inflation in Venezuela before sanctions (Source: IMF)

Graph showing infant mortality rate in Venezuela before sanctions (Source: U.N. Inter-agency Group for Child Mortality Estimation)

Graph showing Venezuela's GDP from 2011 to 2017 (Source: IMF)


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