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Venezuela

What on Earth Happened in Venezuela?

By
Anne VanderMey
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By
Anne VanderMey
Down Arrow Button Icon
June 2, 2016, 2:00 PM ET
VENEZUELA-OPPOSITION-PROTEST
Demonstrators clash with police during a protest against new emergency powers decreed this week by President Nicolas Maduro in Caracas on May 18, 2016. Public outrage was expected to spill onto the streets of Venezuela Wednesday, with planned nationwide protests marking a new low point in Maduro's unpopular rule. / AFP / JUAN BARRETO (Photo credit should read JUAN BARRETO/AFP/Getty Images)Juan Barreto — AFP/Getty Images

Venezuela, Latin America’s sixth-most-populous country, went from simmering mess to full-on crisis this year. Ongoing drought, political mismanagement, and a drop-off in oil revenue have driven shortages of essentials like power, water, and medicine.

The country’s inflation is also the highest in the world. In fact, it’s so severe that the government doesn’t have enough specialized paper to print more bills, and has taken to flying in banknotes printed abroad.

Here are a few key statistics on the country’s meltdown.

  • 30
    Minutes the government pushed the official time forward, to maximize daylight and blunt the blow of power shortages.
  • 5
    Days in the weekend for public-sector workers.
  • 1,032
    Number of bolivares one dollar can buy on the black market, up from eight in 2010.
  • –8%
    Amount the economy is projected to shrink this year, according to IMF estimates.

For more on international news, watch this Fortune video:


A version of this article appears in the June 15, 2016 issue of Fortune with the headline “Venezuela by the Numbers.”

About the Author
By Anne VanderMey
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