The Indicator from Planet Money Venezuela’s economic descent (Updated)
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Jan 3, 2026 Venezuela's economic woes take center stage, highlighting the aftermath of U.S. strikes and the country's ongoing struggles. An economist from Caracas shares harrowing tales of empty grocery shelves, deodorant shortages, and frequent blackouts. Despite some signs of recovery, inequality continues to rise, and many, like a local worker with a $350 monthly income, face tough choices. Amid these hardships, there's a flicker of hope for the future, with discussions about potential migration back home if opportunities improve.
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Long Decline Despite Oil Wealth
- Venezuela's economy collapsed despite oil wealth because production and institutions were undermined over decades under Chávez and Maduro.
- That structural decline, plus hyperinflation and sanctions, produced one of the largest modern refugee flows.
Economist's Firsthand View From Caracas
- Gabriela Sade described Caracas in 2019 as full of very skinny people and grim conditions.
- She has been a recurring contact for The Indicator and returned to comment in 2024 after living abroad.
Leaving To Support Family
- Gabriela left Venezuela to work in the United States because $300 a month was insufficient.
- She now sends $650 monthly to her mother and only visited Venezuela again in December.