Venezuela’s Resource Shortages Reveal Economic Decline’s True Effects

With Venezuela in the midst of an economic crisis, shortages of resources are hitting cities and towns all across the country.
Sunrise over misty grassland with wooden fence in the foreground.
According to Euro News, everything from beer to toilet paper is scarce within the country that was once prospering. Food is sold at subsidized prices, and many people fear the consequences of such shortages.

Residents are forced to stand in long lines for the simple necessities they were once able to buy without concern not too long ago. The country is now experiencing the world’s highest inflation rates on record.

The Washington Post reports that President Nicolas Maduro has declared a state of emergency to let him deal with the economy by decree. The problem with this is that opposing politicians are vowing to push ahead with their campaign to force him out of office and take back the country.

With the economy in the state that it is in, property owners cannot sell because the market has also been severely effected that the lands cannot be properly cared for. While healthy, mature trees can increase a property’s value by 10%, without the resources needed to maintain the property, homeowners and farmers alike are feeling the effects of the devastation.

“We still have not found a place where we can get rice, pasta, butter, anything so we can give our kids something to eat,” explained Caracas resident Maria Hernandez. “I am tired of it. How is it possible that they have us in this situation and they don’t give any kind of information regarding the fact there isn’t any food for us to take home?”

The country’s economy is expected to drop eight percent this year and see inflation increase more than 700%. The Washington Post reports Venezuela has less cash on hand than when Hugo Chavez took power in 1999 with oil prices in the single digits.