TODAY VENEZUELA – In January 2016, Venezuela’s President Nicolas Maduro declared an economic emergency in the country. The announcement came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years, while up to 96 percent of Venezuela’s budget depends on oil revenues. In February, the Central Bank of Venezuela said the country’s annual inflation rate passed the historic 180-percent mark in 2015.
According to the International Monetary Fund, 2017 inflation rate in Venezuela could be over 700 percent and 2,068 percent in 2018.
Deep economic crisis the country triggered mass protests, with people demanding Maduro’s resignation.
Most recent massive protests started in Venezuela in April after the country’s Supreme Court ruled to restrict the power of the state’s National Assembly.
The decision was subsequently canceled, but the protests continued, claiming the lives of over 30 people.