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Venezuela was once one of the wealthiest and most promising countries in Latin America. Today, it is one of the poorest with a bleak economic future. In fact, the United Nations has referred to Venezuela’s situation as one of the “direst” crises in the world.[i] Since 2015, an estimated 4.5 million Venezuelans have fled the country as the political, humanitarian, and economic crisis drags on.[ii] In January 2019, Venezuela was thrust further into chaos when Venezuela’s president Nicolas Maduro was challenged by Juan Guaido, who was recognized as Venezuela’s interim president. Guaido’s title has since been officially acknowledged by Western nations such as the US, Canada, and Germany; meanwhile, countries such as China and Russia continue to recognize Maduro’s presidency.[iii]
The leaders’ power struggles have proven to be detrimental to the Venezuelan people. While the shortages in food and medical supplies and increases in violent crimes deserve significant government attention, both Maduro and Guaido have instead placed much of their attention on infighting as they vie to “remain entrenched in their positions.”[iv] There are various consequences to such infighting, one of which is Venezuela’s situation being further exacerbated with US sanctions on Maduro’s regime. They have caused a reduction in exports as well as government revenue – worsening the country’s humanitarian crisis.
The severity of the Venezuelan situation is extraordinary and should not be understated. The Venezuelan economy finds itself trapped viciously within the reverberations of hyperinflation where it is “more prudent to use cash for toilet paper than buy toilet paper,”[v]and where, based on a single cup of coffee, prices have risen about 380,000 percent.[vi]In addition, a staggering nine out of ten Venezuelans dwell under the poverty line, while more than fifty percent of families are unable to afford basic food needs.[vii]
Children have also fallen victim to the deterioration of Venezuelan society. According to the UN Children’s Fund, one in three (some 3.2 million children) need humanitarian assistance.[viii] Furthermore, under-five child mortality rates have increased by more than half between 2014 and 2017. However, that is just “barely scratching the surface – millions of children need to be immunized, go to school, drink safe water, and feel protected.”[ix]Children have thus become among the most vulnerable in Venezuelan society, as they are the most prone to the risks of hunger and death. According to U.S. economists Jeffrey Sachs and Mark Weisbrot, sanctions on Venezuela are disproportionately affecting the most vulnerable. These sanctions have caused “very serious harm to human life and health, including an estimated more than 40,000 deaths from 2017.”[x] This seems very plausible as oil constitutes about a quarter of the country’s GDP and 95% of its exports.[xi]
It is said that U.S. President Donald Trump believed ousting Maduro would be a straightforward foreign policy victory. However, after ten months of Maduro maintaining his position of authority and Guaido losing momentum, it seems that Trump has shifted his focus more towards military tensions with Iran and the trade war with China.[xii] Nevertheless, as long the Venezuelan leaders continue focusing on their acrimonious power struggles rather than the pressing humanitarian needs of their people, it will be ordinary Venezuelans who suffer the day-to-day life-altering consequences.
[i] United Nations. “UN and Partners Call for Solidarity, as Venezuelans on the Move Reach 4.5 Million.” UN News. October 23, 2019. https://news.un.org/en/story/2019/10/1049871.
[ii] Ibid.
[iii] “Venezuela Crisis: How the Political Situation Escalated.” BBC News. August 8, 2019. https://www.bbc.com/news/world-latin-america-36319877.
[iv] Arsenault, Chris. “Months after Failing to Oust Maduro, Guaido Has Few Cards Left to Play - and Not Long to Play Them.” CBC News. June 29, 2019. https://www.cbc.ca/news/world/venezuela-corruption-guiado-maduro-coup-abrams-1.5191288.
[v] Sanchez, Valentina. “Venezuela Hyperinflation Hits 10 Million Percent. 'Shock Therapy' May Be Only Chance to Undo the Economic Damage.” CNBC. August 5, 2019. https://www.cnbc.com/2019/08/02/venezuela-inflation-at-10-million-percent-its-time-for-shock-therapy.html.
[vi] Ibid.
[vii] Ibid.
[viii] United Nations. “UNICEF Ramps up Humanitarian Assistance to Children in Venezuela, Delivers 55 Tons of Health Supplies since January.” UNICEF. 7 June, 2019. https://www.unicef.org/press-releases/unicef-ramps-humanitarian-assistance-children-venezuela-delivers-55-tons-health.
[ix] Ibid.
[x] Reuters, Thomson. “Over 4 Million Have Fled Venezuela in Recent Years: UN Migration Agency.” CBC News. June 7, 2019. https://www.cbc.ca/news/world/venezuela-iom-statistics-1.5166283.
[xi] Sanchez, Valentina. “Venezuela Hyperinflation Hits 10 Million Percent. 'Shock Therapy' May Be Only Chance to Undo the Economic Damage.” CNBC. August 5, 2019. https://www.cnbc.com/2019/08/02/venezuela-inflation-at-10-million-percent-its-time-for-shock-therapy.html.
[xii] Arsenault, Chris. “Months after Failing to Oust Maduro, Guaido Has Few Cards Left to Play - and Not Long to Play Them.” CBC News. June 29, 2019. https://www.cbc.ca/news/world/venezuela-corruption-guiado-maduro-coup-abrams-1.5191288.