Analysis: The deadly quakes are a gut punch to a Venezuelan economy already on its knees | CNN Business

The strongest quake to hit Venezuela in more than a century could not have come at a worse time for the country. The Latin American nation’s once-booming economy had already been crippled by years of US-led sanctions, hyperinflation, government corruption and mismanagement of the oil sector, despite sitting on the world’s largest oil reserves. Its GDP has shrunk by roughly 80% since 2013. Then came the US capture of former President Nicolás Maduro in January. In his place, acting President Delcy Rodríguez has been cautiously liberalizing the economy and courting foreign oil companies, while currying favor with Washington pragmatically and seeking relief from crushing sanctions. But even though the US has eased sanctions, and oil production has gradually increased, inflation remains high and ordinary citizens continue to struggle with low pay. In 2025, nearly 8 million people, or about a third of the population, required humanitarian assistance, according to the UN. Basic services and goods, from filling up your tank to buying generic medicines at the pharmacy, can be difficult in Venezuela, as the country suffers chronic shortages of day-to-day items. The humanitarian emergen