Venezuelan economy

Venezuela's economy heavily relies on oil, which accounts for most of its revenue. When oil prices are high, the country earns enough to fund public services, but low prices reduce income, causing shortages and economic instability. Political issues, economic mismanagement, and currency devaluation have led to hyperinflation, making everyday goods expensive and scarce. The economy faces challenges like unemployment, declining industries, and a large informal sector. Despite vast natural resources and potential, economic instability has caused significant hardship, leading many Venezuelans to migrate in search of better opportunities.