Venezuela Introduction - 2022

GEOGRAPHICAL NAMES 

Background

Venezuela was one of three countries that emerged from the collapse of Gran Colombia in 1830 (the others being Ecuador and New Granada, which became Colombia). For most of the first half of the 20th century, Venezuela was ruled by military strongmen who promoted the oil industry and allowed for some social reforms. Although democratically elected governments largely held sway since 1959, the executive branch under Hugo CHAVEZ, president from 1999 to 2013, exercised increasingly authoritarian control over other branches of government.  This undemocratic trend continued in 2018 when Nicolas MADURO claimed the presidency for his second term in an election boycotted by most opposition parties and widely viewed as fraudulent.

The last democratically-elected institution is the 2015 National Assembly. The president of the 2015 National Assembly, Juan GUAIDO is currently recognized by several countries - including the United States - as the interim president of Venezuela, while MADURO is recognized by most countries. In 2020, legislative elections were held for a new National Assembly, which the opposition boycotted and which were widely condemned as fraudulent. The resulting assembly is viewed by GUAIDO, most opposition parties, and many international actors as illegitimate. In November 2021, most opposition parties broke a three-year election boycott to participate in mayoral and gubernatorial elections, despite flawed conditions. As a result, the opposition more than doubled its representation at the mayoral level and retained four of 23 governorships. The 2021 regional elections marked the first time since 2006 that the EU was allowed to send an electoral observation mission to Venezuela.

The MADURO regime places strong restrictions on freedoms of expression and the press. Since CHAVEZ, the ruling party's economic policies expanded the state's role in the economy through expropriations of major enterprises, strict currency exchange and price controls that discourage private sector investment and production, and overdependence on the petroleum industry for revenues, among others. Years of economic mismanagement left Venezuela ill-prepared to weather the global drop in oil prices in 2014, sparking an economic decline that has resulted in reduced government social spending, shortages of basic goods, and high inflation. Worsened living conditions have prompted over 6 million Venezuelans to migrate, mainly settling in nearby countries. Since 2017, the US has imposed financial and sectoral sanctions on the MADURO regime. Since mid-2020, and despite MADURO regime mismanagement and faltering infrastructure, oil production has begun to rise primarily due to strengthened MADURO regime trade relations with China, Russia, Iran, and the illicit oil trade. Caracas has more recently relaxed some economic controls to mitigate the impact of its sustained economic crisis, such as allowing increased currency and liberalizing import flexibility for private citizens and companies. Other concerns include human rights abuses, rampant violent crime, political manipulation of the judicial and electoral systems, and corruption.

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Definitions and Notes

NOTE: The information regarding Venezuela on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Venezuela 2022 information contained here. All suggestions for corrections of any errors about Venezuela 2022 should be addressed to the CIA or the source cited on each page.