Venezuela

Venezuela, which holds the world's largest proven oil reserves, has suffered one of the most catastrophic peacetime economic collapses in modern history, with years of hyperinflation, plummeting oil output, and mass poverty.

Decades of mismanagement under 'Bolivarian' socialist rule, compounded by falling production and US sanctions, have shrunk the economy by more than half and driven the largest migration crisis in the Americas' history.

Key Sectors

The economy is almost entirely dependent on oil, whose output has collapsed from mismanagement and underinvestment; little else functions, and a partially dollarized informal economy has emerged.