People around Venezuela have been struggling for a long time with the economic problems there. Earlier this year it was reported that they were still seeing inflation over 200%, previous investigations have alleged that roughly 3 out of 4 Venezuelans are living in extreme poverty around the region as inflation has destroyed the standard of living.

They have seen worse inflation previously, are things starting to go in a different direction?

With price controls and other tactics used to address the situation people have had to find other sources for basic needs, a number had turned to the black market to find things like toilet paper and basic goods.

When things have gotten difficult for supply of necessary goods we had seen the state in the region take control of different factories, they also imported goods to try and address shortages too.

Since 2015 over 7 million have left the country

Some estimates suggest that over 7 million people have left the country since 2015, people have gone looking for a better life and more opportunity elsewhere.

Many people had been struggling on less than $2 per day in the country and it's easy to see why they would want to seek out a better life somewhere else. Even if it meant leaving everything behind, everything they had ever known or owned etc, it's clear that millions made the decision and considered that it wasn't worth staying.

Where have those people been going?

One of the main areas they've headed to is Colombia, as well as Peru, Chile, and the United States, Spain, Brazil, Argentina, Panama, and Mexico.

Even still there are many living in the country who are struggling just to afford food and previous investigations like those by the UN had found that about 1 in 3 were not getting enough food to eat.

Along the way a variety of contributions to the problem have been focused on but there arguably hasn't been enough responsibility taken by those who are in control and who might have contributed in unintended ways to the crisis with their coercive tactics over the years in manipulating the market and currency.

Pics:
pixabay
Not financial advice, posted for information purposes only.
Sources:
https://www.theguardian.com/global-development-professionals-network/2015/apr/16/venezuela-economy-black-market-milk-and-toilet-paper
https://www.businessinsider.com/why-venezuela-is-running-out-of-toilet-paper-2015-11
https://www.cbsnews.com/miami/news/explainer-so-why-are-so-many-venezuelans-leaving-their-country/
https://www.cnbc.com/2019/08/02/venezuela-inflation-at-10-million-percent-its-time-for-shock-therapy.html