What happened to venezuelas economy?

Answer 1

Venezuela's economy has faced a dramatic collapse over the past decade, primarily due to a combination of mismanagement, corruption, and a heavy reliance on oil exports. The fall in oil prices, coupled with government policies and economic sanctions, led to hyperinflation, widespread poverty, and a severe humanitarian crisis. As a result, millions of Venezuelans have fled the country in search of better opportunities, further exacerbating the economic decline. The situation remains dire, with basic necessities often in short supply.