Venezuela is a developing country

Venezuela is a developing country and ranks 113th on the Human Development Index. It has the world’s largest known oil reserves and has been one of the world’s leading exporters of oil. Previously, the country was an underdeveloped exporter of agricultural commodities

such as coffee and cocoa, but oil quickly came to dominate exports and government revenues. The excesses and poor policies of the incumbent government led to the collapse of Venezuela’s entire economy.[20][21] The country struggles with record hyperinflation,[22][23] shortages of basic goods,[24] unemployment,[25] poverty,[26] disease, high child mortality, malnutrition, severe crime

and corruption. These factors have precipitated the Venezuelan migrant crisis where more than three million people have fled the country.[27] By 2017, Venezuela was declared to be in default regarding debt payments by credit rating agencies.[28][29] The crisis in

Venezuela has contributed to a rapidly deteriorating human rights situation, including increased abuses such as torture, arbitrary imprisonment, extrajudicial killings and attacks on human rights advocates. Venezuela is a charter member of the UN, OAS, UNASUR, ALBA, Mercosur, LAIA and OEI.