176-561: Venezuela , officially the Bolivarian Republic of Venezuela , is a country on the northern coast of South America , consisting of a continental landmass and many islands and islets in the Caribbean Sea . It comprises an area of 916,445 km (353,841 sq mi), and its population was estimated at 29 million in 2022. The capital and largest urban agglomeration is the city of Caracas . The continental territory
352-421: A recession , and in 2015, had the world's highest inflation, surpassing 100%. In 2017, Donald Trump 's administration imposed more economic sanctions against PDVSA and Venezuelan officials. Economic problems, as well as crime, were the causes of the 2014–present Venezuelan protests . Since 2014, roughly 5.6 million people have fled Venezuela . In January 2016, Maduro decreed an "economic emergency", revealing
528-517: A "bogus forecast" because "no one has ever been able to accurately forecast the course or the duration of an episode of hyperinflation. But that has not stopped the IMF from offering inflation forecasts for Venezuela that have proven to be wildly inaccurate". According to Hanke, Venezuela's inflation rate on 31 July 2018 was 33,151%, suggesting that "Venezuela is now experiencing the 23rd most severe episode of hyperinflation in history." The IMF reported that
704-561: A 1999 constituent assembly to write a new Constitution. The Revolution refers to a left-wing populism social movement and political process led by Chávez, who founded the Fifth Republic Movement in 1997 and the United Socialist Party of Venezuela in 2007. The "Bolivarian Revolution" is named after Simón Bolívar . According to Chávez and other supporters, the "Bolivarian Revolution" sought to build
880-437: A 300% increase. By early April 2019, the 18,000 Bs.S monthly minimum wage was the equivalent of $ 5.50 – less than the price of a McDonald's Happy Meal . Ecoanalitica estimated that prices jumped by 465% in the first two and a half months of 2019. In March 2019, The Wall Street Journal stated that the "main cause of hyperinflation is the central bank printing money to fund gaping public spending deficits", reporting that
1056-419: A clean slate and his political rights reinstated, allowing Chávez to win and maintain the presidency continuously from 1999 until his death in 2013. Chávez won the elections of 1998, 2000, 2006 and 2012 and the presidential referendum of 2004. A collapse in confidence in the existing parties led to Hugo Chávez being elected president in 1998 and the subsequent launch of a "Bolivarian Revolution", beginning with
1232-519: A disorderly adjustment". According to economist Steve Hanke, Venezuela's current economy, as of March 2014, had an inflation rate hovering above 300%, an official inflation rate around 60%, and a product scarcity index rising above 25% of goods. The Venezuelan government did not report inflation data for September and October 2014. The growth in the BCV's money supply accelerated during the beginning of Maduro's presidency, which increased price inflation in
1408-518: A few dollars per day. During the Christmas season in 2017, some shops no longer used price tags; since prices inflated so quickly, customers were required to ask staff how much each item was. In early 2018, the Venezuelan government "essentially stopped" producing inflation estimates. In May 2019, the BCV released economic data for the first time since 2015. It reported that the inflation rate
1584-698: A fleet to reach Peru by sea, and sought the military support of various rebels from the Viceroyalty of Peru. In 1822 the two men met at the Guayaquil Conference in Ecuador, where they failed to agree on governance strategies for the liberated nations. Two years later Bolívar's forces beat the Spanish at the Battle of Ayacucho , securing the independence of Peru and the rest of South America. In
1760-676: A heavy dependence on agricultural exports. It prompted a boom that lasted into the 1980s; by 1935, Venezuela's per capita gross domestic product was Latin America's highest. Gómez benefited handsomely from this, as corruption thrived, but at the same time, the new source of income helped him centralize the state and develop its authority. Gómez remained the most powerful man in Venezuela until his death in 1935. The gomecista dictatorship (1935–1945) system largely continued under Eleazar López Contreras , but from 1941, under Isaías Medina Angarita ,
1936-422: A hyperinflationary cycle, which would technically indicate its exit from hyperinflation, but its consequences remained by that date. A monetarist view is that a general increase in the prices of things is less a commentary on the worth of those things than on the worth of the money. This has objective and subjective components: According to experts, Venezuela's economy began to experience hyperinflation during
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#17327721245842112-608: A lack of money, SEBIN had decreased its work of monitoring of "potential external threats" and asked for Cuban intelligence agents to return to Venezuela. Under President Maduro, the inflation rate has been increasing at the highest levels, with the BCV estimating that inflation was at 56% in 2013, 69% in 2014 (highest in the world), and 181% in 2015 (highest in the world and the country's history). In 2016, Venezuela entered hyperinflation. The inflation rate reached 274% in 2016, 863% in 2017, 130,060% in 2018 and 9,586% in 2019. Since 2016,
2288-603: A large expeditionary force to come under general Pablo Morillo , with the goal to regain the lost territory in Venezuela and New Granada. As the war reached a stalemate on 1817, Bolívar reestablished the Third Republic of Venezuela on the territory still controlled by the patriots, mainly in the Guayana and Llanos regions. This republic was short-lived as only two years later, during the Congress of Angostura of 1819,
2464-461: A large quantity of fresh water being inside and in such close proximity to salt water; the very mild temperateness also corroborates this; and if the water of which I speak does not proceed from Paradise then it is an even greater marvel, because I do not believe such a large and deep river has ever been known to exist in this world. Spain's colonization of mainland Venezuela started in 1522, establishing its first permanent South American settlement in
2640-445: A local NGO, the new minimum wage covers only one tenth of the cost of basic food products. The wage only allows Venezuelans to buy about four kilograms of beef or two McDonald's Happy Meals per month. By mid-August 2019, further inflation of the bolívar soberano had decreased the minimum wage by 65% from $ 8 a month to $ 2.80 a month and it had decreased further to $ 2 a month by late August. In 2014, El Nuevo Herald reported that due
2816-459: A long history of colonialism , the overwhelming majority of South Americans speak Spanish or Portuguese , and societies and states are rich in Western traditions . Relative to Africa, Asia, and Europe, post-1900 South America has been a peaceful continent with few wars, although high rates of violent crime remain a concern in some countries. South America occupies the southern portion of
2992-706: A longstanding dispute with Great Britain about the Essequibo territory, which Britain claimed as part of British Guiana and Venezuela saw as Venezuelan territory, erupted into the Venezuela Crisis of 1895 . The dispute became a diplomatic crisis when Venezuela's lobbyist, William L. Scruggs , sought to argue that British behavior over the issue violated the United States ' Monroe Doctrine of 1823, and used his influence in Washington, D.C., to pursue
3168-496: A mass movement to implement Bolivarianism — popular democracy , economic independence, equitable distribution of revenues, and an end to political corruption. They interpret Bolívar's ideas from a populist perspective, using socialist rhetoric. This led to formation of the Fifth Republic of Venezuela , commonly known as the Bolivarian Republic of Venezuela , that continues to the present day. Venezuela has been considered
3344-486: A mechanism of political innovation. Venezuela decentralized its political system and diversified its economy, reducing the size of the state. COPRE operated as an innovation mechanism, also by incorporating issues into the political agenda, that were excluded from public deliberation by the main actors of the democratic system. The most discussed topics were incorporated into the public agenda: decentralization, political participation, municipalization, judicial order reforms and
3520-427: A new series of notes (recolors of previous notes) in denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 Bs.F were unveiled to the public. On 3 November 2017, President Maduro unveiled a 100,000 Bs.F note, which was similar to the 2007-series 100 Bs.F note and the 2016-series 20,000 Bs.F note, but with the denomination spelled out in full instead of adding an additional three zeros after 100. This denomination
3696-682: A part of Oceania, also administered by Chile), the Galápagos Islands (administered by Ecuador , sometimes considered part of Oceania), and Tierra del Fuego (split between Argentina and Chile). In the Atlantic Ocean, Brazil administers Fernando de Noronha , Trindade and Martim Vaz , and the Saint Peter and Saint Paul Archipelago , while the Falkland Islands (Spanish: Islas Malvinas ) and South Georgia and
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#17327721245843872-462: A report documented enforced disappearances that occurred in 2018–19. 724 enforced disappearances of political detainees were reported. The report stated that security forces subjected victims to torture . The report stated the government used enforced disappearances to silence opponents and other critical voices. Maduro ran for a third consecutive term in the 2024 presidential election , while former diplomat Edmundo González Urrutia represented
4048-460: A result of demonstrations by poor Chávez supporters and actions by the military. Chávez remained in power after an all-out national strike that lasted from December 2002 to February 2003 , including a strike/lockout in the state oil company PDVSA . Capital flight before and during the strike led to the reimposition of currency controls . In the subsequent decade, the government was forced into currency devaluations. These devaluations did not improve
4224-404: A scam and smuggling of 100 Bs.F bills on the border with Colombia and we have tried the diplomatic way to deal with this problem with Colombia’s government; there are huge mafias. On the border with Colombia all the exchange houses are in the hands of mafias linked to the right-wing. I have taken the decision to close the border with Colombia for 72 hours." President Nicolás Maduro announcing
4400-499: A shortage of currency. In January 2015, the government announced that the minimum wage would be raised by 15%. On 1 May 2015, President Maduro announced that the minimum wage would increase by 30%, including 20% in May and 10% in July. The newly announced minimum wage was about $ 30 per month at the black market rate. In August 2018, following the release of a new currency, the minimum wage
4576-481: A site called Chavín de Huantar in modern Peru at an elevation of 3,177 meters (10,423 ft). Chavín civilization spanned 900 BC to 300 BC. In the central coast of Peru, around the beginning of the 1st millennium AD, Moche (100 BC – 700 AD, at the northern coast of Peru), Paracas and Nazca (400 BC – 800 AD, Peru) cultures flourished with centralized states with permanent militia improving agriculture through irrigation and new styles of ceramic art. At
4752-689: A subtropical climate of the dinaric type. At the highest points of the Andean region, climates are colder than the ones occurring at the highest point of the Norwegian fjords. In the Andean plateaus, the warm climate prevails, although it is tempered by the altitude, while in the coastal strip, there is an equatorial climate of the Guinean type. From this point until the north of the Chilean coast appear, successively, Mediterranean oceanic climate , temperate of
4928-408: A teacher could only buy a dozen eggs and two pounds of cheese with a month's wages. On 27 April 2019, President Nicolás Maduro increased the minimum wage from 18,000 Bs.S ($ 3.46) to 40,000 Bs.S ($ 7.69), according to a presidential decree. In addition, President Maduro also announced the resumption of food vouchers worth 25,000 Bs.S ($ 4.80). The new wages became effective on 1 May 2019. According to
5104-526: Is because the most extensive part of the continent is in the equatorial zone (the region has more areas of equatorial plains than any other region), therefore giving the Southern Cone more oceanic influence, which moderates year round temperatures. The average annual temperatures in the Amazon basin oscillate around 27 °C (81 °F), with low thermal amplitudes and high rainfall indices. Between
5280-605: Is bordered on the north by the Caribbean Sea and the Atlantic Ocean , on the west by Colombia , Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana . Venezuela is a presidential republic consisting of 23 states , the Capital District and federal dependencies covering Venezuela's offshore islands. Venezuela is among the most urbanized countries in Latin America;
5456-460: Is by far the most populous South American country, with almost half of the continent's population, followed by Colombia, Argentina, Venezuela, and Peru. In recent decades, Brazil has also generated half of the continent's GDP and has become the continent's first regional power. Most of the population lives near the continent's western or eastern coasts while the interior and the far south are sparsely populated. The geography of western South America
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5632-605: Is dominated by the Andes mountains; in contrast, the eastern part contains both highland regions and vast lowlands where rivers such as the Amazon , Orinoco and Paraná flow. Most of the continent lies in the tropics, except for a large part of the Southern Cone located in the middle latitudes . The continent's cultural and ethnic outlook has its origin with the interaction of Indigenous peoples with European conquerors and immigrants and, more locally, with African slaves . Given
5808-498: Is entirely located in the tropics over the Equator to around 12° N. Its climate varies from humid low-elevation plains, where average annual temperatures range as high as 35 °C (95.0 °F), to glaciers and highlands (the páramos ) with an average yearly temperature of 8 °C (46.4 °F). Annual rainfall varies from 430 mm (16.9 in) in the semiarid portions of the northwest to over 1,000 mm (39.4 in) in
5984-436: Is fighting an "economic war", referring to newly enacted economic measures as "economic offensives" against political opponents, who, according to Maduro and his loyalists, are behind an international economic conspiracy. Maduro has been criticized for concentrating on public opinion instead of tending to practical issues that have been warned by economists, or creating solutions to improve Venezuela's economic prospects. After
6160-614: Is now Colombia. They established the Muisca Confederation of many clans, or cacicazgos , that had a free trade network among themselves. Many were goldsmiths and farmers. Other important Pre-Columbian cultures include: the Cañaris (in south central Ecuador), Chimú Empire (1300–1470, Peruvian northern coast), Chachapoyas , and the Aymaran kingdoms (1000–1450, Western Bolivia and southern Peru). Holding their capital at
6336-480: Is one of the most biodiverse continents on Earth. It is home to many unique species of animals including the llama , anaconda , piranha , jaguar , vicuña , and tapir , and to one of the largest known insects in the world, the Titan beetle . The Amazon rainforests possess high biodiversity , with Brazil estimated to contain 10% of Earth's species . 83% of South America's large mammals ( megafauna ) became extinct at
6512-400: Is restricted to individuals by CADIVI , which imposes an annual limit on the amount available for travel. Denominations of 2 and 5 Bs.F banknotes were no longer found in circulation due to the inflation in 2015, but remained legal tender. By early December 2016, the 100 Bs.F note—Venezuela's largest denomination of currency—was only worth about US$ 0.23 on the black market. On 7 December 2016,
6688-582: Is the largest country in South America, covering a little less than half of the continent's land area and encompassing around half of the continent's population. The remaining countries and territories are divided among four subregions : the Andean states , Caribbean South America , The Guianas , and the Southern Cone . Physiographically, South America also includes some of the nearby islands. The Dutch ABC islands ( Aruba , Bonaire , and Curaçao ),
6864-459: The 1947 Venezuelan presidential election (the first free and fair elections in Venezuela). Gallegos governed until overthrown by a military junta led by the triumvirate Luis Felipe Llovera Páez [ es ] , Marcos Pérez Jiménez , and Gallegos' Defense Minister, Carlos Delgado Chalbaud , in the 1948 Venezuelan coup d'état . The most powerful man in the military junta (1948–58)
7040-589: The 1968 election for COPEI, the first time a party other than Democratic Action took the presidency through a democratic election. The new democratic order had its antagonists. Betancourt suffered an attack planned by the Dominican dictator Rafael Trujillo in 1960, and the leftists excluded from the Pact initiated an insurgency by organizing themselves into the Armed Forces of National Liberation, sponsored by
7216-693: The 2018 election with 68% of the vote. The result was challenged by Argentina, Chile, Colombia, Brazil, Canada, Germany, France and the US who deemed it fraudulent and recognized Juan Guaidó as president. Other countries continued to recognize Maduro, although China, facing financial pressure over its position, began hedging by decreasing loans, cancelling joint ventures, and signaling willingness to work with all parties. In August 2019, Trump imposed an economic embargo against Venezuela. In March 2020, Trump indicted Maduro and Venezuelan officials, on charges of drug trafficking, narcoterrorism , and corruption. In June 2020,
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7392-519: The Altiplano , Tiahuanaco or Tiwanaku (100 BC – 1200 AD, Bolivia) managed a large commercial network based on religion. Around the 7th century, both Tiahuanaco and Wari or Huari Empire (600–1200, Central and northern Peru) expanded its influence to all the Andean region, imposing the Huari urbanism and Tiahuanaco religious iconography. The Muisca were the main indigenous civilization in what
7568-586: The Archipelago of San Andrés, Providencia and Santa Catalina ( San Andrés Island , Providencia Island , and Santa Catalina Island etc., which are administered by Colombia ) are politically parts of South American countries but physiographically parts of North America. Other islands often associated with geopolitical South America are the Chiloé Archipelago and Robinson Crusoe Island (both administered by Chile), Easter Island (culturally
7744-820: The Atacama Desert ; the wettest place on earth, López de Micay in Colombia; the largest rainforest, the Amazon rainforest ; the highest capital city, La Paz , Bolivia ; the highest commercially navigable lake in the world, Lake Titicaca ; and, excluding research stations in Antarctica , the world's southernmost permanently inhabited community, Puerto Toro , Chile. South America's major mineral resources are gold, silver, copper, iron ore, tin , and petroleum. These resources have brought high income to its countries, especially in times of war or of rapid economic growth by industrialized countries elsewhere. However,
7920-522: The Atlantic Ocean ; North America and the Caribbean Sea lie to the northwest. The continent includes twelve sovereign states : Argentina , Bolivia , Brazil , Chile , Colombia , Ecuador , Guyana , Paraguay , Peru , Suriname , Uruguay , and Venezuela ; two dependent territories : the Falkland Islands and South Georgia and the South Sandwich Islands ; and one internal territory : French Guiana . The ABC islands of
8096-717: The Bering Land Bridge (now the Bering Strait ) at least 15,000 years ago from the territory that is present-day Russia. They migrated south through North America, and eventually reached South America through the Isthmus of Panama . Amongst the oldest evidence for human presence in South America is the Monte Verde II site in Chile, suggested to date to around 14,500 years ago. From around 13,000 years ago,
8272-634: The Caribbean colonies and Brazil, as European nations built up economically slave-dependent colonies in the New World . Nearly 40% of all African slaves trafficked to the Americas went to Brazil. An estimated 4.9 million slaves from Africa came to Brazil during the period from 1501 to 1866. In contrast to other European colonies in the Americas which mainly used the labor of African slaves, Spanish colonists mainly enslaved indigenous Americans. In 1750,
8448-559: The Central Bank of Venezuela announced that in the first quarter of 2022, Venezuela would reach more than 12 months with monthly inflation below 50% after more than four years of a hyperinflationary cycle. This would technically indicate its exit from hyperinflation, but the consequences would remain. When world oil prices collapsed in the 1980s , the economy contracted, and inflation levels ( consumer price inflation ) rose, remaining between 6 and 12% from 1982 to 1986. In 1989,
8624-481: The Chávez administration established strict currency controls in 2003, there have been a series of five currency devaluations , disrupting the economy. On 8 January 2010, the government changed the official fixed exchange rate from 2.15 bolívares fuertes (Bs.F) to 2.60 bolívares (for imported healthcare goods and certain foods) and 4.30 bolívares (for imported cars, petrochemicals, and electronics). On 4 January 2011,
8800-808: The Dutch Caribbean (north of Venezuela in the Leeward Antilles ), Ascension Island (a part of Saint Helena, Ascension and Tristan da Cunha ), Bouvet Island (a dependency of Norway ), Panama , and the Caribbean island country of Trinidad and Tobago may also be considered parts of South America. South America has an area of 17,840,000 square kilometers (6,890,000 sq mi). Its population as of 2021 has been estimated at more than 434 million. South America ranks fourth in area (after Asia, Africa, and North America) and fifth in population (after Asia, Africa, Europe, and North America). Brazil
8976-593: The Essequibo area and with Colombia concerning the Gulf of Venezuela . In 1895, after years of diplomatic attempts to solve the border dispute, the dispute over the Essequibo River border flared up. It was submitted to a "neutral" commission (composed of British, American, and Russian representatives and without a direct Venezuelan representative), which in 1899 decided mostly against Venezuela's claim. Venezuela
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#17327721245849152-470: The Fishtail projectile point style became widespread across South America, with its disappearance around 11,000 years ago coincident with the disappearance of South America's megafauna. Maize was present in northern South America by around 6,000 years ago. By 2000 BC, many agrarian communities had been settled throughout the Andes and the surrounding regions. Fishing became a widespread practice along
9328-472: The Fortaleza area, contemporaneous with the pyramids of Ancient Egypt , one of the oldest-known civilizations in the Americas and one of the six sites where civilization separately originated in the ancient world. Caral–Supe governing class established a trade network and developed agriculture then followed by Chavín by 900 BC, according to some estimates and archaeological finds. Artifacts were found at
9504-716: The Indigenous inhabitants . Native caciques (leaders) such as Guaicaipuro ( c. 1530–1568 ) and Tamanaco (died 1573) attempted to resist Spanish incursions, but the newcomers ultimately subdued them. In the 16th century, during the Spanish colonization, indigenous peoples such as the Mariches , themselves descendants of the Kalina, were converted to Roman Catholicism . Some resisting tribes or leaders are commemorated in place names, including Caracas, Chacao and Los Teques . The early colonial settlements focused on
9680-501: The International Monetary Fund (IMF). In January 2016, the unemployment rate was 18.1% and the economy was the worst in the world according to the misery index . Venezuela has not reported official unemployment figures since April 2016, when the rate was at 7.3%. In October 2019, the unemployment rate reached 35%. By the end of the year, it was estimated that it would increase to 39% to 40%, and that 60% of
9856-715: The Maracaibo Lake and the mouth of the Orinoco, predominates an equatorial climate of the type Congolese, that also includes parts of the Brazilian territory. The east-central Brazilian plateau has a humid and warm tropical climate. The northern and eastern parts of the Argentine pampas have a humid subtropical climate with dry winters and humid summers of the Chinese type, while the western and eastern ranges have
10032-631: The Maracaibo lowlands in the northwest, the northern mountains extending in a broad east–west arc from the Colombian border along the northern Caribbean coast, the wide plains in central Venezuela, and the Guiana Highlands in the southeast. The northern mountains are the extreme northeastern extensions of South America's Andes mountain range. Pico Bolívar , the nation's highest point at 4,979 m (16,335 ft), lies in this region. To
10208-599: The Orinoco Llanos and in the Guianas Plateau , the precipitation levels go from moderate to high. The Pacific coast of Colombia and northern Ecuador are rainy regions, with Chocó in Colombia being the rainiest place in the world along with the northern slopes of Indian Himalayas. The Atacama Desert, along this stretch of coast, is one of the driest regions in the world. The central and southern parts of Chile are subject to extratropical cyclones , and most of
10384-547: The Portuguese Crown abolished the enslavement of indigenous peoples in colonial Brazil , under the belief that they were unfit for labor and less effective than enslaved Africans. Enslaved Africans were brought to the Americas on slave ships , under inhuman conditions and ill-treatment, and those who survived were sold in slave markets . After independence, all South American countries maintained slavery for some time. The first South American country to abolish slavery
10560-738: The Portuguese Kingdom of Brazil , Dom Pedro I (also Pedro IV of Portugal), son of the Portuguese King Dom João VI , proclaimed the independent Kingdom of Brazil in 1822, which later became the Empire of Brazil . Despite the Portuguese loyalties of garrisons in Bahia , Cisplatina and Pará , independence was diplomatically accepted by Portugal in 1825, on condition of a high compensation paid by Brazil mediated by
10736-459: The Riograndense Republic ). Hyperinflation in Venezuela Hyperinflation in Venezuela was the currency instability in Venezuela that began in 2016 during the country's ongoing socioeconomic and political crisis . Venezuela began experiencing continuous and uninterrupted inflation in 1983 , with double-digit annual inflation rates. Inflation rates became the highest in the world by 2014 under Nicolás Maduro , and continued to increase in
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#173277212458410912-424: The South American Plate . South America is home to several superlatives, including the world's highest uninterrupted waterfall , Angel Falls in Venezuela; the highest single-drop waterfall Kaieteur Falls in Guyana; the largest river by volume, the Amazon River ; the longest mountain range, the Andes (whose highest mountain is Aconcagua at 6,962 m or 22,841 ft); the driest non-polar place on earth,
11088-411: The Spanish American wars of independence between the patriots, who promoted such autonomy, and the royalists , who supported Spanish authority over the Americas. The Juntas, in both Spain and the Americas, promoted the ideas of the Enlightenment . Five years after the beginning of the war, Ferdinand VII returned to the throne and began the Absolutist Restoration , as the royalists got the upper hand in
11264-438: The Unitary Platform ( Spanish : Plataforma Unitaria Democrática ; PUD), the main opposition political alliance. Polls conducted before the election indicated that González would win by a wide margin. After the government-controlled National Electoral Council (CNE) announced partial results showing a narrow Maduro victory on 29 July, world leaders predominantly expressed skepticism of the claimed results and did not recognize
11440-518: The Venezuela Crisis of 1902–1903 , in which Britain, Germany and Italy imposed a naval blockade before international arbitration at the new Permanent Court of Arbitration was agreed. In 1908, another dispute broke out with the Netherlands, which was resolved when Castro left for medical treatment in Germany and was promptly overthrown by Juan Vicente Gómez (1908–35). The discovery of massive oil deposits in Lake Maracaibo during World War I proved pivotal for Venezuela and transformed its economy from
11616-407: The aftermath of the announcement of results by the election authorities, protests broke out across the country . Venezuela is located in the north of South America; geologically, its mainland rests on the South American Plate . It has a total area of 916,445 km (353,841 sq mi) and a land area of 882,050 km (340,560 sq mi), making Venezuela the 33rd largest country in
11792-451: The arepa , a staple in Venezuelan cuisine . After the conquest, the population dropped markedly, mainly through the spread of infectious diseases from Europe. Two main north–south axes of pre-Columbian population were present, who cultivated maize in the west and manioc in the east. Large parts of the llanos were cultivated through a combination of slash and burn and permanent settled agriculture. In 1498, during his third voyage to
11968-712: The native populations had no immune resistance – caused large-scale depopulation of the native population under Spanish control. Systems of forced labor, such as the haciendas and mining industry's mit'a also contributed to the depopulation. After this, enslaved Africans , who had developed immunities to these diseases, were quickly brought in to replace them. The Spaniards were committed to converting their native subjects to Christianity and were quick to purge any native cultural practices that hindered this end; however, many initial attempts at this were only partially successful, as native groups simply blended Catholicism with their established beliefs and practices. Furthermore,
12144-461: The 19th century, Venezuela suffered political turmoil and autocracy, remaining dominated by regional military dictators until the mid-20th century. From 1958, the country had a series of democratic governments, as an exception where most of the region was ruled by military dictatorships, and the period was characterized by economic prosperity. Economic shocks in the 1980s and 1990s led to major political crises and widespread social unrest, including
12320-481: The 30th consecutive day, meaning the economy was officially experiencing hyperinflation, making Venezuela the 57th country to be added to the Hanke-Krus World Hyperinflation Table . The inflation rate reached 4,000% in 2017. The same year, a trend began in Venezuela in which gold farming in cybergames, such as RuneScape , became an acquirable way to obtain hard currency . In many cases, they made more money than salaried workers in Venezuela, despite earning just
12496-408: The Americas, Christopher Columbus sailed near the Orinoco Delta and landed in the Gulf of Paria . Amazed by the great offshore current of freshwater which deflected his course eastward, Columbus expressed in a letter to Isabella and Ferdinand that he must have reached Heaven on Earth (terrestrial paradise): Great signs are these of the Terrestrial Paradise... for I have never read or heard of such
12672-755: The Americas. The continent is generally delimited on the northwest by the Darién watershed along the Colombia–Panama border , although some may consider the border instead to be the Panama Canal . Geopolitically and geographically, all of Panama – including the segment east of the Panama Canal in the isthmus – is typically included in North America alone and among the countries of Central America . Almost all of mainland South America sits on
12848-692: The Argentine Patagonia is desert . In the Pampas of Argentina, Uruguay and South of Brazil the rainfall is moderate, with rains well distributed during the year. The moderately dry conditions of the Chaco oppose the intense rainfall of the eastern region of Paraguay. In the semiarid coast of the Brazilian Northeast the rains are linked to a monsoon regime. Important factors in the determination of climates are sea currents, such as
13024-470: The BCV announced a 99.6% [ sic ] devaluation , with the exchange rate going to 25,000 Bs.F per USD. This made the bolívar fuerte the second least-valued circulating currency in the world based on the official exchange rate, behind only the Iranian rial . Between September 2017 and August 2018, according to the informal exchange rate, the bolívar fuerte was the least-valued circulating currency in
13200-512: The BCV restricting the domestic money supply. (*) Formula applied to the Month Accumulated: Current Month Accumulated = {(Previous Month Accumulated + 100) * (1 + [Percentage Month Active / 100]) – 100} In its World Economic Outlook report, the IMF has provided inflation rate estimates between 1998 and 2019. In 2018, the annual inflation rate reached 929,790% and was expected to reach 10,000,000% by
13376-475: The Bolivarian Republic following the adoption of the new Constitution of 1999 . Following Chávez's election, Venezuela developed into a dominant-party system , dominated by the United Socialist Party of Venezuela . In April 2002, Chávez was briefly ousted from power in the 2002 Venezuelan coup d'état attempt following popular demonstrations by his opponents, but Chavez returned after two days as
13552-748: The Breton type and, already in Tierra del Fuego , cold climate of the Siberian type. The distribution of rainfall is related to the regime of winds and air masses. In most of the tropical region east of the Andes, winds blowing from the northeast, east and southeast carry moisture from the Atlantic, causing abundant rainfall. However, due to a consistently strong wind shear and a weak Intertropical Convergence Zone , South Atlantic tropical cyclones are rare. In
13728-551: The CNE claims with only some exceptions. Both González and Maduro proclaimed themselves winners of the election. The results of the election were not recognized by the Carter Center and Organization of American States due to the lack of granular results, and disputed by the opposition, which claimed a landslide victory and released access to vote tallies collected by poll watchers from a majority of polling centers as proof. In
13904-481: The Chávez administration announced that the bolívar would be revalued at a ratio of 1,000 to 1 on 1 January 2008, and renamed it the bolívar fuerte in an effort to facilitate the ease of transaction and accounting, responding to double-digit inflation. The new name is literally translated as "strong bolívar". It is also a reference to the peso fuerte , an old coin worth 10 Spanish reales . The official exchange rate
14080-679: The Communist Party and Fidel Castro . In 1962 they tried to destabilize the military corps, with failed revolts. Betancourt promoted a foreign policy, the Betancourt Doctrine , in which he only recognized elected governments by popular vote. The 1973 Venezuelan presidential election of Carlos Andrés Pérez coincided with an oil crisis , in which Venezuela's income exploded as oil prices soared; oil industries were nationalized in 1976. This led to massive increases in public spending, but also increases in external debts, until
14256-523: The Granadian army; leading it, he liberated several countries and founded the Republic of Colombia ( Gran Colombia ). Sucre went on to liberate Ecuador and become the second president of Bolivia . Venezuela remained part of Gran Colombia until 1830, when a rebellion led by José Antonio Páez allowed the proclamation of a newly independent Venezuela, on 22 September; Páez became the first president of
14432-414: The IMF, making it harder to support Juan Guaidó during the presidential crisis . At the time, the IMF was not able to support the validity of the data as they had not been able to contact the authorities. In 2018, the IMF estimated that Venezuela's inflation rate would reach 1,000,000% by the end of the year. This forecast was criticized by economist Steve Hanke , who claimed that the IMF had released
14608-552: The Maduro government. These tables and graphs show the exchange rate history of both the bolívar fuerte and the bolívar soberano compared to the United States dollar (USD) between 2012 and 2021. Unemployment has been increasing in the years of hyperinflation with the 2019 rate seen as Venezuela's highest since the end of the Bosnian War in 1995 and the biggest contraction since 2014 start of Libyan Civil War , according to
14784-550: The Orinoco Delta of the far east and the Amazonian Jungle in the south. The precipitation level is lower in the period from August through April. These periods are referred to as hot-humid and cold-dry seasons. Another characteristic of the climate is this variation throughout the country by the existence of a mountain range called "Cordillera de la Costa" which crosses the country from east to west. The majority of
14960-570: The South Sandwich Islands ( biogeographically and hydrologically associated with Antarctica) have been administered as two British Overseas Territories under the Crown , whose sovereignty over the islands is disputed by Argentina . An isolated volcanic island on the South American Plate , Ascension Island is geologically a part of South America. Administered as a dependency of Saint Helena, Ascension and Tristan da Cunha ,
15136-1014: The Spaniards brought their language to the degree they did with their religion, although the Roman Catholic Church 's evangelization in Quechua , Aymara , and Guaraní actually contributed to the continuous use of these native languages albeit only in the oral form. Eventually, the natives and the Spaniards interbred, forming a mestizo class. At the beginning, many mestizos of the Andean region were offspring of Amerindian mothers and Spanish fathers. After independence, most mestizos had native fathers and European or mestizo mothers. Many native artworks were considered pagan idols and destroyed by Spanish explorers; this included many gold and silver sculptures and other artifacts found in South America, which were melted down before their transport to Spain or Portugal. Spaniards and Portuguese brought
15312-534: The Spanish and Portuguese colonies. First, Napoleon invaded Portugal, but the House of Braganza avoided capture by escaping to Brazil . Napoleon captured King Ferdinand VII of Spain, and appointed his own brother instead. This appointment provoked popular resistance, which created Juntas to rule in the name of the captured king. Many cities in the Spanish colonies, however, considered themselves equally authorized to appoint local Juntas like those of Spain. This began
15488-866: The Spanish conquest; it has been estimated at one million. In addition to Indigenous peoples known today, the population included groups such as the Kalina (Caribs), Auaké , Caquetio , Mariche , and Timoto–Cuicas . The Timoto–Cuica culture was the most complex society in Pre-Columbian Venezuela, with pre-planned permanent villages, surrounded by irrigated, terraced fields. Their houses were made of stone and wood with thatched roofs. They were peaceful and depended on growing crops. Regional crops included potatoes and ullucos . They left behind art, particularly anthropomorphic ceramics, but no major monuments. They spun vegetable fibers to weave into textiles and mats for housing. They are credited with having invented
15664-607: The United Kingdom. The newly independent nations began a process of fragmentation, with several civil and international wars. However, it was not as strong as in Central America. Some countries created from provinces of larger countries stayed as such up to modern times (such as Paraguay or Uruguay), while others were reconquered and reincorporated into their former countries (such as the Republic of Entre Ríos and
15840-676: The Vespucci and Ojeda crew, gave a different account. In his work Summa de geografía , he states that the crew found Indigenous peoples who called themselves the Veneciuela. Thus, the name "Venezuela" may have evolved from the native word. Previously, the official name was Estado de Venezuela (1830–1856), República de Venezuela (1856–1864), Estados Unidos de Venezuela (1864–1953), and again República de Venezuela (1953–1999). Evidence exists of human habitation in
16016-459: The Welsers the right to explore, rule and colonize the territory, as well as to seek the mythical golden town of El Dorado . The first expedition was led by Ambrosius Ehinger , who established Maracaibo in 1529. After the deaths of first Ehinger (1533), then Nikolaus Federmann , and Georg von Speyer (1540), Philipp von Hutten persisted in exploring the interior. In absence of von Hutten from
16192-479: The area now known as Venezuela from about 15,000 years ago. Tools have been found on the high riverine terraces of the Rio Pedregal in western Venezuela. Late Pleistocene hunting artifacts, including spear tips, have been found at a similar series of sites in northwestern Venezuela; according to radiocarbon dating , these date from 13,000 to 7,000 BC. It is unknown how many people lived in Venezuela before
16368-633: The bipartisanship governments, used the growing anger at economic austerity measures to justify a coup attempt in February 1992 ; a second coup d'état attempt occurred in November . President Carlos Andrés Pérez (re-elected in 1988) was impeached under embezzlement charges in 1993, leading to the interim presidency of Ramón José Velásquez (1993–1994). Coup leader Chávez was pardoned in March 1994 by president Rafael Caldera (1994–1999, his second term), with
16544-430: The bolívar fuerte lost 25% of its value in a week; the unofficial exchange rate was at 300 Bs.F per USD on 14 May and reached 400 Bs.F per USD on 21 May. In July 2015, the bolívar fuerte again dropped sharply, reaching 500 Bs.F per USD on 3 July and 600 Bs.F per USD on 9 July. By February 2016, the unofficial rate reached 1,000 Bs.F per USD. In November 2016, the bolívar fuerte saw its largest-ever monthly loss of value;
16720-530: The capital of the province, the crown of Spain claimed the right to appoint a governor. On Hutten's return to the capital, Santa Ana de Coro , in 1546, the Spanish governor Juan de Carvajal had Hutten and Bartholomeus VI. Welser executed. Subsequently, Charles V revoked Welser's concession. The Welsers transported German miners to the colony, in addition to 4,000 African slaves to plant sugar cane plantations. Many German colonists died from tropical diseases, to which they had no immunity , or through wars with
16896-437: The coast, helping establish fish as a primary source of food. Irrigation systems were also developed at this time, which aided in the rise of an agrarian society . South American cultures began domesticating llamas , vicuñas , guanacos , and alpacas in the highlands of the Andes circa 3500 BC. Besides their use as sources of meat and wool, these animals were used for transportation of goods. The rise of plant growing and
17072-517: The collapse of oil prices during the 1980s crippled the economy. As the government started to devalue the currency in 1983 to face its financial obligations, standards of living fell dramatically. Failed economic policies and increasing corruption in government led to rising poverty and crime, worsening social indicators, and increased political instability. In the 1980s, the Presidential Commission for State Reform (COPRE) emerged as
17248-461: The concentration in producing one, or few, major export commodities has often hindered the development and diversification of its economies. The fluctuation in the price of commodities in international markets has led historically to major highs and lows, booms and busts, in the economies of South American states, often causing political instability. This has led for calls to diversify production and increase trade within South America itself. Brazil
17424-548: The conflict. The independence of South America was secured by Simón Bolívar (Venezuela) and José de San Martín (Argentina), the two most important Libertadores . Bolívar led a great uprising in the north, then led his army south towards Lima , the capital of the Viceroyalty of Peru . Meanwhile, San Martín led an army across the Andes Mountains, along with Chilean expatriates, and liberated Chile. He organized
17600-425: The country suffering a severe banking crisis in 1994. In 1998, the economic crisis had worsened, with GDP per capita at the same level as it was in 1963 (after adjusting 1963 dollars to 1998 value), down a third from its peak in 1978; the purchasing power of the average salary was a third of its 1978 level. Following the 1998 Venezuelan presidential election , the inflation rate, measured by consumer price index ,
17776-446: The country. The money supply of the bolívar fuerte in Venezuela increased 64% in 2014, three times faster than any other economy observed by Bloomberg News at the time. Due to the rapidly decreasing value of the bolívar fuerte, Venezuelans jokingly called it "bolívar muerto" ("dead bolívar"). Maduro has blamed capitalist speculation for driving high inflation rates and creating widespread shortages of basic necessities. He has said he
17952-515: The crisis. Inflation rates remained high during Chávez's presidency. By 2010, inflation had removed any advancement of wage increases. By 2014, it was the highest in the world at 69%. By 2016, the media reported that Venezuela was suffering an economic collapse . The IMF estimated a 500% inflation rate and a 10% contraction in GDP. In November 2016, Venezuela entered a period of hyperinflation . In December 2016, monthly inflation exceeded 50% for
18128-640: The current Humboldt and Falklands . The equatorial current of the South Atlantic strikes the coast of the Northeast and there is divided into two others: the current of Brazil and a coastal current that flows to the northwest towards the Antilles , where there it moves towards northeast course thus forming the most Important and famous ocean current in the world, the Gulf Stream . South America
18304-655: The deadly Caracazo riots of 1989, two attempted coups in 1992 , and the impeachment of a President for embezzlement of public funds charges in 1993. The collapse in confidence in the existing parties saw the 1998 Venezuelan presidential election , the catalyst for the Bolivarian Revolution , which began with a 1999 Constituent Assembly , where a new Constitution of Venezuela was imposed. The government's populist social welfare policies were bolstered by soaring oil prices, temporarily increasing social spending, and reducing economic inequality and poverty in
18480-418: The early 18th century, and was then reorganized as an autonomous Captaincy General starting in 1777. Caracas, founded in the central coastal region in 1567, was well-placed to become a key location, being near the coastal port of La Guaira and in a valley, in a mountain range, providing defensive strength against pirates and a more fertile and healthy climate. After unsuccessful uprisings, Venezuela, under
18656-408: The early years of the regime. However, poverty began to rapidly increase in the 2010s. The 2013 Venezuelan presidential election was widely disputed leading to widespread protest , which triggered another nationwide crisis that continues to this day. Venezuela has experienced democratic backsliding , shifting into an authoritarian state . It ranks low in international measurements of freedom of
18832-484: The economically active population belong to the informal sector, which influences the low salary that has caused many young people to emigrate to other countries. Emigration in Venezuela existed in a moderate way under Maduro's predecessor Hugo Chávez . By 2015 almost 30% of the population had fled the country due to inflation, and it is at that time that the country entered hyperinflation. The Organization of American States (OAS) and UNHCR has been classified as one of
19008-490: The end of 2019. According to the October 2019 World Economic Outlook report, Venezuela's inflation rate of 500,000 is the highest in the world. In comparison, in Latin America, Argentina has an inflation rate of 43.7%. Bloomberg 's Café Con Leche Index calculated the price of a cup of coffee to have increased 718% in the 12 weeks before 18 January 2018, an annualized inflation rate of 448,000%. Venezuela's misery rate
19184-545: The end of the Pleistocene around 11,000 years ago as part of the Quaternary extinction event , among the highest of any continent, with the casualties including saber-toothed cats , ground sloths , glyptodonts , gomphotheres , the equines Hippidion and Equus neogeus , and all remaining South American native ungulates . South America is thought to have been first inhabited by humans when people were crossing
19360-453: The exchange rate reached 2,000 Bs.F per USD on 21 November 2016 and nearly 3,000 Bs.F per USD only days after. On 29 November 2016, the exchange rate surpassed 3,000 Bs.F per USD. In the month preceding 28 November 2016, the bolívar fuerte lost over 60% of its value. On 26 January 2018, the government retired the protected and subsidized 10 Bs.F per USD exchange rate that was highly overvalued following rampant inflation. On 5 February 2018,
19536-577: The exportation of oil, with crude accounting for 86% of exports, and a high price per barrel to support social programs. Beginning in 2014 the price of oil plummeted from over $ 100 to $ 40. This placed pressure on the economy, which was no longer able to afford vast social programs. The Government began taking more money from PDVSA , the state oil company, resulting in a lack of reinvestment in fields and employees. Production decreased from its height of nearly 3 to 1 million barrels (480 to 160 thousand cubic metres ) per day. In 2014, Venezuela entered
19712-451: The extent of the crisis and expanding his powers. In July 2016, Colombian border crossings were temporarily opened to allow Venezuelans to purchase food and basic health items. In September 2016, a study indicated 15% of Venezuelans were eating " food waste discarded by commercial establishments". 200 prison riots had occurred by October 2016. The Maduro-aligned Supreme Tribunal , which had been overturning National Assembly decisions since
19888-431: The first time in its history, with Forbes reporting that it was a possible way to manipulate the image of economy. In April 2014, the IMF stated that economic activity in Venezuela was uncertain but may continue to slow, and that "loose macroeconomic policies have generated high inflation and a drain on official foreign exchange reserves ". The IMF suggested that "more significant policy changes are needed to stave off
20064-399: The first year of Nicolás Maduro's presidency. Potential causes of the hyperinflation include heavy money-printing and deficit spending . In April 2013, the month Maduro took office, the annual inflation rate was 29.4%, only 0.1% less than the rate in 1999 when Hugo Chávez took office. By April 2014, the annual inflation rate was 61.5%. In early 2014, the BCV did not release statistics for
20240-445: The fixed exchange rate became 4.30 bolívares per US$ 1.00 for both sides of the economy. On 13 February 2013, the bolívar was devalued to 6.30 bolívares per USD in an attempt to counter budget deficits. The black (or parallel) market value of the bolívar fuerte and the bolívar soberano has been significantly lower than the fixed exchange rate and other rates set by the Venezuelan government (SICAD, SIMADI, DICOM). In November 2013, it
20416-417: The following years, with inflation exceeding 1,000,000% by 2018. In comparison to previous hyperinflationary episodes , the ongoing hyperinflation crisis is more severe than those of Argentina , Bolivia , Brazil , Nicaragua , and Peru in the 1980s and 1990s, and that of Zimbabwe in the late-2000s. In 2014, the annual inflation rate reached 69%, the highest in the world. In 2015, the inflation rate
20592-682: The government created CADIVI , a currency-control board charged with handling foreign exchange procedures. The board set the USD exchange rate at 1,596 bolívares to the dollar for purchases and 1,600 to the dollar for sales. The Venezuelan economy shrank 5.8% in the first three months of 2010 compared to the same period in 2009, and had the highest inflation rate in Latin America at 30.5%. President Hugo Chávez expressed optimism that Venezuela would emerge from recession despite International Monetary Fund (IMF) forecasts that Venezuela would be
20768-611: The great city of Cusco , the Inca civilization dominated the Andes region from 1438 to 1533. Known as Tawantin suyu , and "the land of the four regions", in Quechua , the Inca Empire was highly distinct and developed. Inca rule extended to nearly a hundred linguistic or ethnic communities, some nine to fourteen million people connected by a 25,000 kilometer road system . Cities were built with precise, unmatched stonework, constructed over many levels of mountain terrain. Terrace farming
20944-492: The incumbent government led to the collapse of Venezuela's entire economy. The country struggles with record hyperinflation , shortages of basic goods , unemployment, poverty, disease, high child mortality, malnutrition , environmental issues , severe crime and corruption. These factors have precipitated the Venezuelan refugee crisis in which more than 7.7 million people had fled the country by June 2024. By 2017, Venezuela
21120-494: The independentist forces, launched his Admirable Campaign in 1813 from New Granada , retaking most of the territory and being proclaimed as El Libertador ("The Liberator"). A Second Republic of Venezuela was proclaimed on 7 August 1813, but lasted only a few months before being crushed by royalist caudillo José Tomás Boves and his personal army of llaneros . The end of the French invasion of homeland Spain in 1814 allowed
21296-493: The inflation rate for 2018 reached 929,790%, slightly below the original 1,000,000% estimate. In October 2018, the IMF estimated that the inflation rate would reach 10,000,000% by the end of 2019, which was again mentioned in its April 2019 World Economic Outlook report. In December 2021, economists and the Central Bank of Venezuela announced that Venezuela would reach in the first quarter of 2022 more than 12 months with monthly inflation below 50% after more than four years of
21472-523: The inflation rate peaked at 84%. The same year, following a cut in government spending and the opening of markets by President Carlos Andrés Pérez , the capital city of Caracas suffered from looting and rioting . After Pérez initiated liberal economic policies and made Venezuelan markets more free , Venezuela's GDP increased from a −8.3% decline in 1989 to 4.4% in 1990 and 9.2% in 1991, though wages remained low and unemployment remained high among Venezuelans . While some claim that liberalization
21648-417: The island is geopolitically a part of Africa. All of the world's major climate zones are present in South America. The distribution of the average temperatures in the region presents a constant regularity from the 30° of latitude south , when the isotherms tend, more and more, to be confused with the degrees of latitude. In temperate latitudes, winters and summers are milder than in North America. This
21824-673: The islands of Trinidad and Tobago ( Trinidad Island and Tobago Island etc.), the State of Nueva Esparta , and the Federal Dependencies of Venezuela sit on the northern portion of the South American continental shelf and are sometimes considered parts of the continent. Geopolitically, all the island countries and territories in the Caribbean have generally been grouped as a subregion of North America instead. By contrast, Aves Island (administered by Venezuela ) and
22000-534: The land outside Europe should be an exclusive duopoly between the two countries. The treaty established an imaginary line along a north–south meridian 370 leagues west of the Cape Verde Islands , roughly 46° 37' W. In terms of the treaty, all land to the west of the line (known to comprise most of the South American soil) would belong to Spain, and all land to the east, to Portugal. As accurate measurements of longitude were impossible at that time,
22176-551: The largest and most important river system of the country; it originates in one of the largest watersheds in Latin America. The Caroní and the Apure are other major rivers. Venezuela borders Colombia to the west, Guyana to the east, and Brazil to the south. Caribbean islands such as Trinidad and Tobago , Grenada , Curaçao , Aruba , and the Leeward Antilles lie near the Venezuelan coast. Venezuela has territorial disputes with Guyana, formerly United Kingdom, largely concerning
22352-480: The largest emigrations in the history of the Western hemisphere . According to the UNHCR , the deterioration of the political, economic and human rights situation in Venezuela continues, making international support necessary. The latest report discloses that 4.8 million Venezuelans are registered between refugees and migrants. In September 2014, the BCV reportedly changed its inflation rate calculation methods from
22528-592: The leadership of Francisco de Miranda , a Venezuelan marshal who had fought in the American and French Revolutions , declared independence as the First Republic of Venezuela on 5 July 1811. This began the Venezuelan War of Independence . A devastating 1812 Caracas earthquake , together with the rebellion of the Venezuelan llaneros , helped bring down the republic. Simón Bolívar , new leader of
22704-476: The line was not strictly enforced, resulting in a Portuguese expansion of Brazil across the meridian. Beginning in the 1530s, the people and natural resources of South America were repeatedly exploited by foreign conquistadors , first from Spain and later from Portugal. These competing colonial nations claimed the land and resources as their own and divided it into colonies. European infectious diseases ( smallpox , influenza , measles , and typhus ) – to which
22880-788: The matter. Then, U.S. president Grover Cleveland adopted a broad interpretation of the doctrine that declared an American interest in any matter within the hemisphere. Britain ultimately accepted arbitration, but in negotiations over its terms was able to persuade the U.S. on many details. A tribunal convened in Paris in 1898 to decide the issue and in 1899 awarded the bulk of the disputed territory to British Guiana. In 1899, Cipriano Castro , assisted by his friend Juan Vicente Gómez , seized power in Caracas. Castro defaulted on Venezuela's considerable foreign debts and declined to pay compensation to foreigners caught up in Venezuela's civil wars . This led to
23056-458: The mid-17th century. It became a Dutch colony in 1667. The indigenous peoples of the Americas in various European colonies were forced to work in European plantations and mines; along with enslaved Africans who were also introduced in the proceeding centuries via the slave trade . European colonists were heavily dependent on indigenous labor during the initial phases of settlement to maintain
23232-472: The more common Laspeyres price index to the Fisher price index . This changed the government's June inflation data from 5.7% to 4.4%, July's 5.5% rate to 4.1%, and August's 4.3% to 3.9%. < It was also stated in the BCV's August report that it was an "economic war that hindered the normal course of production activities and distribution of essential goods demanded by the Venezuelan people". On 7 March 2007,
23408-460: The most popular and accepted version, in 1499, an expedition led by Alonso de Ojeda visited the Venezuelan coast. The stilt houses in the area of Lake Maracaibo reminded the Italian navigator, Amerigo Vespucci , of the city of Venice , Italy, so he named the region Veneziola , or "Little Venice". The Spanish version of Veneziola is Venezuela . Martín Fernández de Enciso , a member of
23584-550: The new State of Venezuela . Between one-quarter and one-third of Venezuela's population was lost during these two decades of war (including about half the Venezuelans of European descent ), which by 1830, was estimated at 800,000. In the Flag of Venezuela , the yellow stands for land wealth, the blue for the sea that separates Venezuela from Spain, and the red for the blood shed by the heroes of independence. Slavery in Venezuela
23760-579: The northern coast, but in the mid-18th century, the Spanish pushed farther inland along the Orinoco River . Here, the Ye'kuana organized resistance in 1775–76. Spain's eastern Venezuelan settlements were incorporated into New Andalusia Province . Administered by the Royal Audiencia of Santo Domingo from the early 16th century, most of Venezuela became part of the Viceroyalty of New Granada in
23936-546: The notable exception of the Communist Party of Venezuela ), signed the Puntofijo Pact power-sharing agreement. AD and COPEI dominated the political landscape for four decades. During the presidencies of Rómulo Betancourt (1959–64, his second term) and Raúl Leoni (1964–69), substantial guerilla movements occurred. Most laid down their arms under Rafael Caldera 's first presidency (1969–74). Caldera had won
24112-423: The only country in the region to remain in recession that year. The IMF categorized the economic recovery of Venezuela as "delayed and weak" in comparison with other countries in the region. Following Chávez's death in early 2013, the country's economy continued to fall into an even greater recession. The annual inflation rate for consumer prices has increased by hundreds and thousands of percentage points during
24288-521: The opposition took control, took over the functions of the assembly, creating the 2017 Venezuelan constitutional crisis . In August 2017, the 2017 Constituent National Assembly was elected and stripped the National Assembly of its powers. The election raised concerns of an emerging dictatorship. In December 2017, Maduro declared opposition parties barred from the following year's presidential vote after they boycotted mayoral polls. Maduro won
24464-406: The overall inflation rate has increased to 53,798,500%. (*) Data was unpublished between 2016 and 2018, finally revealed in 2019. Since 2017, the opposition-led National Assembly has been estimating the inflation rate after the BCV stopped publishing inflation rates between 2015 and 2019. In May 2019, Venezuela's annual inflation rate dropped below 1,000,000% for the first time since 2018, with
24640-426: The poor. Poverty began to increase into the 2010s. Nicolás Maduro was picked by Chavez as his successor, appointing him vice president in 2013. Maduro has been president of Venezuela since 14 April 2013, when he won the presidential election after Chavez' death, with 51% of the vote, against Henrique Capriles on 49%. The Democratic Unity Roundtable contested Maduro's election as fraud, but an audit of 56% of
24816-471: The poorest. Hugo Chávez's socioeconomic policies of relying on oil sales and importing goods resulted in large amounts of debt, no change to corruption in Venezuela and culminated into a crisis in Venezuela . As a result, the Venezuelan refugee crisis , the largest emigration of people in Latin America's history, occurred, with over 7 million – about 20% of the country's population – emigrating. Chávez initiated Bolivarian missions , programs aimed at helping
24992-731: The population lives in these mountains. South America South America is a continent entirely in the Western Hemisphere and mostly in the Southern Hemisphere , with a considerably smaller portion in the Northern Hemisphere . It can also be described as the southern subregion of the Americas . South America is bordered on the west by the Pacific Ocean and on the north and east by
25168-640: The present-day city of Cumaná . In the 16th century, the king of Spain granted a concession to the German Welser family . Klein-Venedig became the most extensive initiative in the German colonization of the Americas from 1528 to 1546. The Welsers were bankers to the Habsburgs and financiers of Charles V , Holy Roman Emperor , who was King of Spain and had borrowed heavily from them to pay bribes for his Imperial election . In 1528, Charles V granted
25344-430: The press and civil liberties and has high levels of perceived corruption . Venezuela is a developing country having the world's largest known oil reserves and has been one of the world's leading exporters of oil . Previously, the country was an underdeveloped exporter of agricultural commodities such as coffee and cocoa, but oil quickly came to dominate exports and government revenues. The excesses and poor policies of
25520-458: The rate at that time to be 5,220%. The Central Bank of Venezuela (BCV) officially estimates that the inflation rate increased to 53,798,500% between 2016 and April 2019. In April 2019, the International Monetary Fund estimated that inflation would reach 10,000,000% by the end of 2019. Several economic controls were lifted by Maduro administration in 2019, which helped to partially tame inflation until May 2020. In December 2021, economists and
25696-467: The return of notes that were supposedly stockpiled. The government justified the move by claiming that the US was working with crime syndicates to move Venezuelan banknotes to warehouses in Europe to cause the fall of the government, and that the government was thwarting this threat by withdrawing the notes from circulation. The government of India has done a similar action in November 2016, by withdrawing
25872-511: The role of the state in a new economic strategy. The social reality made the changes difficult to apply. Economic crises in the 1980s and 1990s led to a political crisis. Hundreds of people were killed by security forces and the military in the Caracazo riots of 1989, during the second presidential term of Carlos Andrés Pérez (1989–1993) and after the implementation of economic austerity measures. Hugo Chávez , who in 1982 had promised to depose
26048-427: The situation of the people who rely on imported products or locally produced products that depend on imported inputs, while dollar-denominated oil sales account for the majority of exports. The profits of the oil industry have been lost to "social engineering" and corruption, instead of investments needed to maintain oil production. Chávez survived further political tests, including an August 2004 recall referendum . He
26224-547: The south, the dissected Guiana Highlands contain the northern fringes of the Amazon Basin and Angel Falls , the world's highest waterfall, as well as tepuis , large table-like mountains. The country's center is characterized by the llanos , which are extensive plains that stretch from the Colombian border in the far west to the Orinoco River delta in the east. The Orinoco, with its rich alluvial soils , binds
26400-421: The subsequent appearance of permanent human settlements allowed for the multiple and overlapping beginnings of civilizations in South America. One of the earliest known South American civilizations was Caral–Supe , on the central Peruvian coast. Though a pre-ceramic culture, the monumental architecture of Caral–Supe created one of the first cities of the world, generally dated to around 3500 BC, at Huaricanga in
26576-411: The subsistence economy, and natives were often captured by expeditions. The importation of African slaves began midway through the 16th century, but the enslavement of indigenous peoples continued well into the 17th and 18th centuries. The Atlantic slave trade brought enslaved Africans primarily to South American colonies, beginning with the Portuguese since 1502. The main destinations of this phase were
26752-402: The union of Venezuela with New Granada was decreed to form the Republic of Colombia. The war continued until full victory and sovereignty was attained after the Battle of Carabobo on 24 June 1821. On 24 July 1823, José Prudencio Padilla and Rafael Urdaneta helped seal Venezuelan independence with their victory in the Battle of Lake Maracaibo . New Granada's congress gave Bolívar control of
26928-501: The unrest between Chavistas and opposition protesters and opposition leaders, including Leopoldo López and Antonio Ledezma were arrested. Human rights groups condemned the arrest of López. In the 2015 Venezuelan parliamentary election , the opposition gained a majority. Venezuela devalued its currency in February 2013 due to rising shortages, which included milk and other necessities. This led to an increase in malnutrition, especially among children. The economy had become dependent on
27104-430: The vast majority of Venezuelans live in the cities of the north and in the capital. The territory of Venezuela was colonized by Spain in 1522 amid resistance from Indigenous peoples. In 1811, it became one of the first Spanish-American territories to declare independence from the Spanish and to form part of the first federal Republic of Colombia ( Gran Colombia ). It separated as a full sovereign country in 1830. During
27280-521: The vote showed no discrepancies, and the Supreme Court of Venezuela ruled Maduro was the legitimate president. Opposition leaders and some international media consider Maduro's government a dictatorship. Since February 2014, hundreds of thousands have protested over high levels of criminal violence, corruption, hyperinflation, and chronic scarcity of basic goods due to government policies. Demonstrations and riots have resulted in over 40 fatalities in
27456-487: The weakest legal exchange rate. On the Venezuelan currency black market , the minimum wage was only $ 20 per month. In April 2014, President Maduro raised the minimum wage by 30%, hoping to improve citizens' purchasing power. According to El Nuevo Herald , most economists said that the measure would only help temporarily due to the official inflation rate being over 59%, and that the wage increase would only make things more difficult for companies, since they already faced
27632-517: The western European architectural style to the continent, and helped to improve infrastructures like bridges, roads, and the sewer system of the cities they discovered or conquered. They also significantly increased economic and trade relations, not just between the old and new world but between the different South American regions and peoples. Finally, with the expansion of the Portuguese and Spanish languages, many cultures that were previously separated became united through that of Latin American. Guyana
27808-566: The withdrawal of the 100 Bs.F banknotes within for 72 hours. (11 December 2016) On 11 December 2016, President Maduro, who had been ruling by decree , wrote into law that 100 Bs.F notes would be pulled from circulation within 72 hours due to "mafias" allegedly storing them to drive inflation. With more than 6 billion 100 Bs.F notes issued consisting of 46% of Venezuela's issued currency, Maduro allowed for Venezuelans to exchange all 100 Bs.F notes for 100 Bs.F coins or higher denomination banknotes while also blocking international travel to prevent
27984-415: The world . The territory it controls lies between latitudes 0° and 16°N and longitudes 59° and 74°W . Shaped roughly like a triangle, the country has a 2,800 km (1,700 mi) coastline in the north, which includes numerous islands in the Caribbean and the northeast borders the northern Atlantic Ocean. Most observers describe Venezuela in terms of four fairly well defined topographical regions:
28160-560: The world. The official exchange rate stood at 248,832 Bs.F per USD as of 10 August 2018, making it the least valued circulating currency in the world based on official exchange rates. In June 2018, the government authorized a new exchange rate for buying, but not selling currency. On 13 August 2018, the rate was 4,010,000 Bs.F per USD according to ZOOM Remesas. The minimum wage in Venezuela dropped significantly in dollar terms during Maduro's presidency. It decreased from about $ 360 per month in 2012 to $ 31 per month in March 2015 based on
28336-417: Was 181%, again the highest in the world and the highest in the country's history at the time. The rate reached 800% in 2016, over 4,000% in 2017, and about 1,700,000% in 2018, and reaching 2,000,000%, with Venezuela spiraling into hyperinflation. While the Venezuelan government "had essentially stopped" producing official inflation estimates as of early 2018, inflation economist Steve Hanke estimated
28512-471: Was 274% in 2016, 863% in 2017, and 130,060% in 2018. The new report suggested a contraction of the economy by more than half in five years, described by the Financial Times as "one of the biggest contractions in Latin American history". According to undisclosed sources from Reuters , the release of this data was due to pressure from China , an ally of Nicolás Maduro . One of the sources claimed that this disclosure might bring Venezuela into compliance with
28688-414: Was 35.8% in 1998, falling to a low of 12.5% in 2001 but rising to 31.1% in 2003. In an attempt to support the Venezuelan bolívar , bolster the government's declining level of international reserves, and mitigate the impact of the oil industry work stoppage on the economy, the Ministry of Finance and the Central Bank of Venezuela (BCV) suspended foreign exchange trading on 23 January 2003. On 6 February,
28864-408: Was Chile in 1823, Uruguay in 1830, Bolivia in 1831, Guyana in 1833, Colombia and Ecuador in 1851, Argentina in 1853, Peru and Venezuela in 1854, Suriname in 1863, Paraguay in 1869, and in 1888 Brazil was the last South American nation and the last country in western world to abolish slavery. The European Peninsular War (1807–14), a theater of the Napoleonic Wars , changed the political situation of
29040-456: Was Pérez Jiménez and he was suspected of being behind the death of Chalbaud, who died in a bungled kidnapping in 1950. When the junta unexpectedly lost the 1952 presidential election , it ignored the results and Jiménez was installed as president Jiménez was forced out on 23 January 1958. In an effort to consolidate a young democracy, the three major political parties ( Acción Democrática (AD), COPEI and Unión Republicana Democrática (URD), with
29216-417: Was a useful form of agriculture. The Mapuche in Central and Southern Chile resisted the European and Chilean settlers, waging the Arauco War for more than 300 years. In 1494, Portugal and Spain, the two great maritime European powers of that time, on the expectation of new lands being discovered in the west, signed the Treaty of Tordesillas , by which they agreed, with the support of the Pope, that all
29392-479: Was abolished in 1854. Much of Venezuela's 19th-century history was characterized by political turmoil and dictatorial rule, including the Independence leader José Antonio Páez, who gained the presidency three times and served 11 years between 1830 and 1863. This culminated in the Federal War (1859–63). In the latter half of the century, Antonio Guzmán Blanco , another caudillo , served 13 years, between 1870 and 1887, with three other presidents interspersed. In 1895,
29568-415: Was almost one-tenth that of the official fixed exchange rate of 6.3 bolívares per U.S. dollar . On 18 February 2016, President Maduro used his newly granted economic powers to devalue the official exchange rate of the bolívar fuerte from 6.3 Bs.F per USD to 10 Bs.F per USD. In September 2014, the unofficial exchange rate for the bolívar fuerte in Cúcuta , Colombia reached 100 Bs.F per USD. In May 2015,
29744-419: Was declared to be in default regarding debt payments by credit rating agencies . The crisis in Venezuela has contributed to a rapidly deteriorating human rights situation. The 2024 presidential election were not recognized by the Carter Center and Organization of American States due to the lack of granular results, and disputed by the opposition, leading to protests across the country . According to
29920-438: Was elected for another term in December 2006 and for a third term in October 2012. However, he was never sworn in due to medical complications; he died in March 2013. The presidential election that took place in April 2013, was the first since Chávez took office in 1999 in which his name did not appear on the ballot. Under the Bolivarian government, Venezuela went from being one of the richest countries in Latin America to one of
30096-407: Was forecasted to reach 8,000,000% in 2019, making it the world's most miserable economy. The country has topped Bloomberg's Misery Index for the fifth consecutive year since 2013. Under Venezuelan law, it is illegal to publish the " parallel exchange rate " in Venezuela. One popular website that has been publishing parallel exchange rates since 2010 is DolarToday , which has also been critical of
30272-403: Was initially colonized by the Dutch before coming under British control , though there was a brief period during the Napoleonic Wars when it was occupied by the French . The region was initially partitioned between the Dutch, French and British before fully coming under the control of Britain. Suriname was first explored by the Spanish in the 16th century and then settled by the English in
30448-422: Was raised from 392,646 Bs.F to 180 million Bs.F (equivalent to 1,800 bolívares soberanos, or Bs.S) per month. Sales tax was increased from 12% to 16%. The new wage was estimated to be around $ 30 per month at the black market rate. It became effective on 1 September 2018. The minimum wage was further increased to 4,500 Bs.S ($ 9.50) a month in November 2018 and then to 18,000 Bs.S ($ 6.52) a month in January 2019,
30624-469: Was relaxed. Angarita granted a range of reforms, including the legalization of all political parties. After World War II, immigration from Southern Europe and poorer Latin American countries markedly diversified Venezuelan society. In 1945, a civilian-military coup overthrew Medina Angarita and ushered in a period of democratic rule (1945–1948) under the mass membership party Democratic Action , initially under Rómulo Betancourt , until Rómulo Gallegos won
30800-425: Was the cause of Venezuelan economic difficulties, an over-reliance on oil prices and a fractured political system have been identified to have caused many of the problems. By the mid-1990s under President Rafael Caldera , Venezuela saw annual inflation rates of 50 to 60% from 1993 to 1997, with an exceptional peak of 100% in 1996. The percentage of people living in poverty rose from 36% in 1984 to 66% in 1995, with
30976-486: Was worth US$ 2.42 through black market exchange rates at the time of its release. By July 2018, increasing hyperinflation had reduced its value by 99.9% to less than US$ 0.01. On March 6, 2021, the government issued three new bills, worth Bs.F 200,000, 500,000, and 1,000,000. The last is worth US$ 0.52. "I have given the orders to close all land, maritime and air possibilities so those bills taken out can’t be returned and they’re stuck with their fraud abroad. There has been
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