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**Venezuela’s Economic Crisis: The Reasons Behind the Mass Exodus of 3.4 Million People** In recent years, Venezuela has faced one of the worst economic crises in modern history. As of February 22, according to data from the International Organization for Migration (IOM) and the United Nations High Commissioner for Refugees (UNHCR), 3.4 million Venezuelans have fled their homeland in search of a better life abroad. The mass exodus is a result of economic collapse, hyperinflation, and severe shortages of basic necessities, forcing an average of 5,000 people to leave the country every day in 2018. ### The Scope of the Venezuelan Exodus Among the 3.4 million Venezuelans who have left, around 1.1 million are now living in Colombia, having migrated there due to its proximity and relatively lower cost of transportation. Neighboring countries like Peru, Chile, Ecuador, Argentina, and Brazil have also seen a significant influx of Venezuelan refugees. Peru now hosts over 506,000, Chile 288,000, Ecuador 221,000, Argentina 120,000, and Brazil 96,000 Venezuelans. Additionally, a growing number of Venezuelans are heading to Mexico, Central America, and the Caribbean nations as they seek refuge from their country’s deepening crisis. ### The Depth of Venezuela's Economic Collapse Venezuela's economy has been spiraling downward since the mid-2010s, reaching a critical point in 2018 when inflation surged to over 1,000,000% (a million percent). The Venezuelan bolívar, the national currency, has become nearly worthless, prompting hyperinflation that has devastated people's purchasing power. Experts predict that by the end of 2019, inflation could surpass an unimaginable 10,000,000% (ten million percent). The country's GDP has also shrunk dramatically, falling by 18% in 2018 alone. Venezuela’s total GDP for that year was .33 billion, more than a 50% decrease compared to the previous year. This marked the third consecutive year of double-digit GDP contraction, with the economy shrinking by over 10% each year. The collapse of the bolívar has forced many Venezuelans, like economist Carlos Hernández, to abandon their national currency and rely on cryptocurrencies like Bitcoin, as accessing foreign currencies like the US dollar is heavily restricted. ### U.S. Sanctions: Adding Fuel to the Fire? As if Venezuela’s domestic challenges were not enough, the situation has been exacerbated by international sanctions, particularly from the United States. After opposition leader Juan Guaidó declared himself interim president in 2019, the U.S. imposed a series of sanctions aimed at pressuring President Nicolás Maduro to relinquish power. In late January 2019, the U.S. imposed sanctions on Venezuela's state oil company, PDVSA, freezing billion in assets in the U.S. and preventing other companies from doing business with it. On February 15, the U.S. Treasury Department also sanctioned five individuals linked to Maduro's government, including Venezuela’s oil minister. With the humanitarian situation worsening, the U.S. has threatened further sanctions if the Venezuelan military blocks the delivery of American humanitarian aid to the country. These measures, while aimed at supporting Guaidó’s leadership, have placed additional strain on Venezuela's already crumbling economy. ### A Nation in Peril Venezuela's ongoing economic collapse has left millions of its citizens in dire conditions. Severe shortages of food, medicine, and basic services have made everyday life unbearable for many, forcing them to leave behind their homes, families, and friends. The mass exodus, unprecedented in the region, reflects the depth of the country's crisis, as Venezuelans continue to flee their homeland in search of safety and stability abroad. The road to recovery for Venezuela appears long and fraught with challenges, but for many of those who have left, the immediate goal remains survival.