I. Introduction: From Prosperity to Poverty
Venezuela, once one of the wealthiest nations in Latin America thanks to its vast oil reserves, is now synonymous with economic collapse. Years of mismanagement, corruption, and overdependence on oil revenues have devastated the economy, plunging millions into poverty. Hyperinflation, food shortages, and crumbling infrastructure have left ordinary citizens unable to survive, sparking one of the largest migration crises in modern history.

II. Historical Roots of Economic Decline
Venezuela’s economic troubles stem from decades of overreliance on oil exports. Under Hugo Chávez, oil wealth was used to finance social programmes, but mismanagement and corruption weakened long-term stability. When oil prices plummeted in the mid-2010s, the fragile system collapsed, leaving the economy in freefall.

III. Hyperinflation and Currency Devaluation
Hyperinflation has become one of the most visible signs of Venezuela’s collapse. At its peak, inflation reached over one million percent annually, wiping out savings and rendering salaries worthless. Citizens carry bags of cash for basic goods, while many rely on barter or remittances to survive.

IV. Food and Medicine Shortages
Chronic shortages of food and medicine have created a humanitarian emergency. Supermarkets are empty, hospitals lack supplies, and malnutrition rates have soared. Children suffer from stunted growth, while preventable diseases such as malaria and measles have re-emerged due to the collapse of healthcare.

V. Collapse of Public Services
Public services in Venezuela have deteriorated dramatically. Frequent blackouts, water shortages, and failing transportation systems disrupt daily life. The collapse of infrastructure further compounds citizens’ struggles and accelerates migration

VI. Unemployment and Informal Work
Unemployment has risen sharply, with many citizens forced into the informal economy. Jobs in healthcare, education, and other vital sectors have lost value, leading to an exodus of professionals. The brain drain has further weakened the country’s ability to recover.

VII. Corruption and Elite Capture
Corruption has worsened the crisis, with political elites enriching themselves while ordinary citizens suffer. State contracts, currency exchanges, and oil revenues have been diverted into private hands, deepening inequality and fuelling public anger.

VIII. Migration as a Survival Strategy
For millions of Venezuelans, migration has become the only way to survive. Families cross borders into Colombia, Brazil, and other neighbouring countries, often on foot, carrying little more than essentials. Abroad, they seek work, healthcare, and dignity denied at home.

IX. Regional and Global Impact
The Venezuelan exodus has strained neighbouring countries’ resources and reshaped regional demographics. Colombia alone hosts millions of Venezuelans, while thousands more have sought refuge in Peru, Chile, and even North America and Europe. This displacement has created one of the world’s most pressing humanitarian challenges.

X. Resilience of the Diaspora
Despite hardship, Venezuelan diaspora communities have shown resilience. They support families through remittances, build networks abroad, and advocate for political and economic change at home. Their efforts underscore both the tragedy of the exodus and the strength of Venezuelans in the face of collapse.

XI. International Responses
International organisations have mobilised aid, but political obstacles and state obstruction have limited delivery. While some governments provide asylum and humanitarian protection, others struggle to accommodate the influx, leaving many migrants vulnerable.

XII. Conclusion: Fleeing Collapse
Venezuela’s economic collapse has destroyed livelihoods, undermined basic services, and left millions in poverty. For many, migration is not a choice but a necessity for survival. Until corruption is tackled and sustainable reforms are implemented, the exodus of Venezuelans
will continue to grow, marking one of the most dramatic population displacements of the 21st century.