Venezuela: household poverty rate 2002-2023
From 2017 to 2021, the share of households living under the poverty line in Venezuela has been surpassing 90 percent. In addition, more than six out of every ten households (67.97 percent) lived in extreme poverty in 2021. The overall household poverty rate in Venezuela has registered a steady growth from 2014 to 2019, after having remained relatively stable, below 40 percent, since 2005. Although poverty is widespread among the population as a whole, some groups are more vulnerable than others. That is the case of younger generations and particularly children: 98.03 percent of Venezuelans aged 15 or younger lived in poverty in 2021.
An economy in disarray
Venezuela, the country with the largest oil reserves in the world and whose economy has been largely dependent on oil revenues for decades, was once one of the most prosperous countries in Latin America. Today, hyperinflation and an astronomic public debt are only some of the many pressing concerns that affect the domestic economy.
The socio-economic consequences of the crisis
As a result of the economic recession, more than half of the population in every state in Venezuela lives in extreme poverty. This issue is particularly noteworthy in the states of Amazonas, Monagas, and Falcón, where the extreme poverty rate hovers over 80 percent. Such alarming levels of poverty, together with persistent food shortages, provoked a rapid increase in undernourishment, which was estimated at 17.9 percent between 2020 and 2022. The combination of humanitarian crisis, political turmoil and economic havoc led to the Venezuelan refugee and migrant crisis. As of 2020, more than five million Venezuelans had fled their home country, with neighboring Colombia being the main country of destination.
