Hyperinflation and Economic Collapse

Venezuela's economy contracted by an estimated 75% between 2013 and 2021 — one of the largest peacetime economic collapses on record — with inflation reaching an IMF-estimated 1,000,000%+ annualised rate by 2018. Currency and price controls inherited and extended from the Chávez era, combined with the government printing money to cover deficits after the 2014 oil price crash, drove the collapse; US sanctions imposed from 2017 onward, targeting the government's access to international credit and oil markets, compounded it further.