Venezuela has been the subject of intense international scrutiny since Nicolás Maduro entered the presidency in 2013, winning by a narrow margin of 1.6% against Henrique Capriles.This article will discuss what has transpired in Venezuela from 2013 until now.

Venezuela, one of the wealthiest Latin American countries due to having the biggest oil reserve in the world, has faced a rapid economic decline since 2014. The country reached its highest ever inflation rate in 2018–2019, with an estimated 130,060%. This hyperinflation has led to Venezuelan citizens struggling to afford household essentials, such as food. For instance, teachers now earn as little as 23 USD a month, an amount barely enough to cover basic needs.

As a consequence of the severe economic instability, many Venezuelans have turned to migration. Since 2014, more than 7.7 million people have left Venezuela, primarily moving to other countries in the Americas. This mass exodus has resulted in families being torn apart, with many citizens leaving the country knowing they might not see their loved ones again, all in hopes of a better future.

The ongoing crisis has taken a significant toll on the mental health of many Venezuelans. Many are experiencing anxiety-inducing thoughts and depression, due to the uncertain future and dire living conditions. The suicide rate in Venezuela has seen a concerning increase, doubling between 2018 and 2022 compared to 2015. Experts attribute this rise to the complex humanitarian emergency and the economic crisis plaguing the country.

Despite the bleak outlook, there have been attempts by the opposition to bring hope to the citizens. The 2024 presidential elections were a focal point of these efforts. However, suspicions over the validity of the electoral process have emerged. While Nicolás Maduro's claimed victory for a third term, the opposition manually collected 80% of the voting tallies from the polling stations, indicating that their candidate, Edmundo Gonzalez, won with 67% of the vote – a stark contrast to the 44.2% reported by official Venezuelan sources.

The international community, particularly the United States, has responded to the situation in Venezuela with sanctions. However, there have been recent signs of a potential thaw in relations. In November 2022, the U.S. permitted the American oil-company Chevron to resume limited operations in Venezuela in exchange for continued dialogue between the Madura government and the opposition. Despite this, Washington reimposed oil sanctions in April 2024 following Venezuela’s failure to meet conditions for a fair election.

As Venezuela grapples with its ongoing crisis, the future remains uncertain. The country faces the challenge of rebuilding its economy, addressing the humanitarian crisis, and restoring democratic institutions. The international community’s role, particularly in terms of sanctions and diplomatic engagement, will likely continue to shape Venezuela's direction going forward. Meanwhile, millions of Venezuelans at home and abroad await positive changes that could allow them to reunite with their families and rebuild their lives in their homeland.