Rodrigo, a private security guard in Caracas, Venezuela, expresses the ongoing challenges faced by many Venezuelans due to high food prices amidst a long-standing economic crisis. He believes that the country is ready for a change as voters prepare to elect the next president.

The upcoming general election coincides with the birthday of Hugo Chavez, a controversial but celebrated figure known for championing the poor during his presidency. Nicolas Maduro, his successor, is facing off against opposition candidate Edmundo Gonzalez, with polls showing Gonzalez in the lead despite allegations of government interference.

Maduro, now in his 11th year in office, has overseen an economic meltdown marked by a significant decline in output and a mass exodus of Venezuelans in search of better opportunities abroad.

Despite Maduro attributing Venezuela’s woes to US-led sanctions, critics point to corruption and mismanagement as key factors. The country’s heavy reliance on oil exports has been further exacerbated by sanctions, leading to hyperinflation and economic downturn.

The Commodity Curse

Venezuela, with the largest proven oil reserves globally, has struggled to maintain production levels due to a combination of sanctions and administrative negligence within its state-owned energy company, PDVSA.

As the country grapples with a mounting debt crisis and a stagnant economy, the next government faces the daunting task of restructuring debts, diversifying the economy away from oil dependency, and addressing critical issues like inflation and unemployment.

Sanctions – An Uphill Battle

The impact of US sanctions on Venezuela’s economy has been significant, with attempts to pressure Maduro’s government through economic measures yielding mixed results. The country’s future hinges on the outcome of the upcoming election and the willingness of the international community to engage with the new leadership.