Venezuela’s economic descent (Updated)

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  N.

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  This is the indicator from Planet Money.

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  I'm Darian Woods.

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  And I'm Whelan Wong.

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  We were watching this weekend as the US military struck Venezuela and extracted its leader Nicolás Muduro.

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  At the indicator, we've been following the conditions in Venezuela over the years.

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  And so

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  as we start to investigate some of the economic questions that are now swirling around around what comes next,

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  We wanted to play you our most recent episode on Venezuela from early 2024.

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  This is the economic background that the rest of the coverage out there often skips past.

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  What has been like to live there,

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  why the economy went into freefall, and then actually stabilized a little.

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  And at the end,

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  we have an update from our regular guest who was on the ground in Caracas last night during the strikes.

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  Here's our episode from May 2024.

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  Venezuela's economy has been in free fall for over a decade.

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  It's an oil-rich country that struggles to drill oil.

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  Its currency, the Bolívar, has suffered brain-bending levels of hyperinflation.

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