Venezuela: How an Oil Rich Country Went Bust and the Roadmap to Get It Back on Track

Venezuela is currently undergoing the worst economic crisis in its history. By the end of 2016, more than 30% of the gross domestic product (GDP) it had three years ago will be lost. Poverty has soared to record levels. Monthly inflation rates are gradually approaching hyperinflation. Shortages of basic food staples and medicines are rampant. In order to promote a better understanding of the causes, magnitudes, and possible remedies of the crisis, the Center for International Development (CID) at Harvard University launched a research initiative on Venezuela at the end of 2015. In this Growth Lab podcast, Research Fellows on the Venezuela Project Team Douglas Barrios and Ricardo Villasmil discuss the research initiative in Venezuela.