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In the course of the 20th century, venezuela went from being one of the poorest countries in latin america to becoming the richest. In 1970, it ranked among the 20 richest countries in the. Hugo chavez used the oil boom to implement extensive.
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In 2019, evidence of corruption by those seeking to profit from the poverty program was widespread, bringing little help to venezuelans in need. Since 2015, over 7. 7 million venezuelans have fled the country, escaping economic hardship and political repression. The crisis can be traced back to 1999 when hugo chvez was elected president. Despite the politically provoked economic crisis, venezuela is currently going through one of its most intensive efforts to reduce poverty in twenty years.
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