Much has changed since Guaido became the public face of the Venezuelan democracy movement. At that time, Maduro was often depicted as a spent force. He was a virtual pariah in Latin America, had dismal approval ratings, and constantly had to wonder whether his poor performance would eventually lead key members of the military to switch sides or take matters into their own hands.
Venezuela’s economy was undergoing the worst economic contraction in peacetime of any nation in modern history. Combined with Maduro’s colossal economic mismanagement and US sanctions on Venezuela’s oil industry, a country that was once the wealthiest in South America had fallen to bottom-feeder status. Between 2013 and 2021, the economy shrank by 75 percent, and buying power declined even more. Ordinary people were scavenging for food in garbage cans. Oil production plummeted from an average of 6.3 million barrels per day in 2013 to 1.2 million barrels per day in 2020. The lack of opportunity and exponential poverty forced millions of Venezuelans to leave for Colombia and other countries in the region.
Yet despite all of the pain and suffering, Maduro will enter 2023 in perhaps his strongest position since first ascending to the presidency nearly a decade ago.
[Having Joe Biden offer Maduro concessions for oil exports likely didn’t help. — Ed]
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