Venezuela, located in the heartland of Latin America, is one of the most oil-rich countries in the world. Its annual oil barrel output rivals that of countries such as Saudi Arabia and Canada, with oil having served as its main source of income for the past decade. Moreover, that dependence has grown given the number of industries that have left the country due to diminishing economic conditions.
Since 2015, the country has been in the grips of one of the most drawn out economic downturns of any major nation since the beginning of the 21st century. The country has seen its GDP drop to negative 16.5 percent and the rate of inflation surpass 10 million percent, putting it firmly into the same realm as that of the Weimar Republic at the end of the First World War.