The Economic Downturn of Venezuela

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    Chavez Presidency

    During Chavez's presidency, he promised to rid the country of corruption, help the poor, and reduce the power of elites. The oil price increased and the economy was stable.
  • Maduro is elected

    After Chavez's death, Nicolas Maduro, his chosen successor, is elected president. Oil prices drop, hurting the economy that depended mostly on this fossil fuel.
  • Protests

    Citizens start to protest calling for the removal of President Maduro because they blame him for the economic crisis and the continued drop of oil.
  • Constitutional Restructure

    Maduro called for a Constituent Assembly to rewrite the constitution in an effort to undermine the opposition-controlled National Assembly.
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    Crisis within crisis

    The Covid-19 pandemic worsens the economic crisis, due to hyperinflation, corruption, and basic needs products shortages. A mass migration occurs, while people look for better life quality, in neighboring countries such as Colombia, Peru, and Chile.
  • "Rigged Election"

    The National Assembly representative and opposition leader, Juan Guaidó declared himself Venezuela’s president on the grounds that “the government-controlled assembly should not be recognized because the elections were neither free nor fair”