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Venezuela, officially called the Bolivarian Republic of Venezuela, is a country located in the northern part of South America, consisting of a continental part and a large number of small islands and islets in the Caribbean Sea, whose capital and largest urban agglomeration It is the city of Caracas, with a territorial extension of 916,445 km². The continental territory borders on the north with the Caribbean Sea and the Atlantic Ocean, on the west with Colombia, on the south with Brazil and on the east with Guyana.
With this last country, the Venezuelan State maintains a claim on 159 542 km² of territory west of the Essequibo River, this area is known as Guayana Esequiba or Zone in Claim For its maritime spaces, it exercises sovereignty over 71 295 km² of territorial sea, 22 224 km² in its adjoining zone, 471,507 km² of the Caribbean Sea and the Atlantic Ocean under the concept of exclusive economic zone, and 99 889 km² of continental shelf, this marine zone borders those of thirteen States The country has a very high biodiversity and ranks seventh in the world list of nations with the highest number of species. There are habitats that go from the mountains of the Andes in the west to the tropical forest of the Amazon basin in the south, through the extensive plains of the Llanos, the Caribbean coast and the Orinoco delta in the east. The territory now known as Venezuela was colonized by Spain in 1522, amid the resistance of the Amerindian peoples. In 1811, it became one of the first Spanish-American territories to declare independence, which was not established in a secure manner until 1821, when Venezuela was a department of the Federal Republic of Great Colombia. It gained complete independence as a separate country in 1830.
During the 19th century, Venezuela suffered political turmoil and autocracy and remained dominated by regional caudillos until the middle of the 20th century. Since 1958, the country has had a series of democratic governments. Economic shocks in the 1980s and 1990s led to several political crises, including the deadly riots of the Caracazo in 1989, two coup attempts in 1992 and the impeachment of President Carlos Andrés Pérez for embezzlement of public funds in 1993. The collapse of confidence in existing political parties led to the election in 1998 of former career officer Hugo Chávez, implicated in the coup, and the launching of the Bolivarian Revolution. The revolution began with a Constituent Assembly in 1999, where a new national Constitution was drafted. This new constitution officially changed the name of the country to the Bolivarian Republic of Venezuela.
Venezuela is a founding member of the UN, OAS, UNASUR, ALBA, ALADI and OEI. The country is a federal presidential republic that consists of 23 states, the Capital District and federal agencies. Venezuela is among the most urbanized countries in Latin America. The vast majority of Venezuelans live in cities in the north of the country. Oil was discovered at the beginning of the 20th century and, by 2016, Venezuela had the largest oil reserves in the world and is one of the world's leading oil exporters. Previously, the country was an underdeveloped exporter of agricultural products, such as coffee and cocoa, but oil quickly came to dominate the country's exports and revenues. The oversupply of oil in the 1980s led to an external debt crisis and a prolonged economic crisis.
Inflation reached 100% in 1996 and poverty rates increased to 66% in 1995. For 1998 GDP per capita fell to the same level as in 1963, one third of its peak in 1978. In the government of Hugo Chávez, The recovery of oil prices in the early 2000s again gave the country high incomes, populist social welfare policies boosted the Venezuelan economy during the first years of its government, increasing social spending and temporarily reducing poverty and poverty. Economic inequality. Years later they would become inadequate, and their excesses are widely accused of destabilizing the nation's economy.
This destabilization caused a crisis in Venezuela, leading to hyperinflation, economic depression, shortage of basic products and drastic increases in unemployment, poverty, diseases, infant mortality, malnutrition and crime At the end of 2017, credit rating agencies declared Venezuela in arrears with debt payments.