Venezuela continued to have two presidents and two legislatures. Incumbent President Nicolás Maduro and the National Assembly, elected in an unfree and unfair process in December 2020, were recognized by about 20 countries, while nominal interim President Juan Guaidó and the legitimate National Assembly, elected in 2015, were endorsed by about 60 countries as of January 2021.

Gross mismanagement of fiscal, monetary, budgetary, and foreign exchange policies led to a complex humanitarian crisis. Under President Maduro, the economy stalled, GDP plummeted by 86%, and inflation rose. The share of citizens living in extreme poverty surged to 79.3% in 2019, and the proportion of the skilled workforce dropped to 42.3%.

Due to irresponsible macroeconomic management, several structural constraints such as poverty and decaying infrastructure restrict the regime’s governance capacity. The government is involved with criminal gangs and uses international support from China, Cuba, Iran, and Russia to consolidate its power.

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