Venezuelan President Nicolas Maduro at a military parade to celebrate the 195th anniversary of the Battle of Carabobo, next to Venezuelan Defense Minister Vladimir Padrino Lopez, in Caracas, June 24, 2016.REUTERS/Marco Bello
Venezuela is going through one of the worst political and economic crises in modern history.
Once a stable democracy and economic powerhouse, Venezuela is now on the brink of collapse and the country is effectively insolvent.
Read on for nine hard-to-believe facts about Venezuela's economy today.
Over the past few years, corruption and failed government policies have led Venezuela's economy to collapse, causing infrastructure to crumble and leaving millions of Venezuelans in poverty.
The hardships faced by residents include catastrophic nationwide blackouts, hyperinflation, food shortages, and disease. The New York Times recently called the crisis the worst the world has ever seen outside of war. More than 3 million Venezuelans have fled the country since the crisis began, many of them walking out on foot.
Nicolás Maduro remains president of the country, though several nations including the United States now recognize opposition leader Juan Guaidó as the legitimate head of state.
Meanwhile the production and export of goods have dropped off dramatically, leaving an economy that was once the strongest in Latin America in dire straits.
We compiled nine hard-to-believe facts about Venezuela's economy that illustrate the devastating effects of the nation's crisis: