Venezuela's President, Nicolas Maduro, speaks to his followers in Caracas. Federico Parra/AFP/Getty Images
Venezuela's President Nicolas Maduro was re-elected yesterday with almost 70% of the votes. According to official numbers turnout was 46.1%, way down from the 80% registered at the last presidential vote in 2013, due to a boycott by the opposition.
Why it matters: The U.S. and most Latin American countries said that they won't recognize the results, denouncing a fraud and because main opposition leaders weren't allowed to run. Venezuela, despite huge oil reserves, is facing a deep economic crisis, and massive emigration wave.
By the numbers, as recapped by Axios' Shane Savitsky, citing mind-boggling stats published last year for Project Syndicate:
- "Venezuela's GDP contracted by 40% in per capita terms from 2013 to 2017 — and that's based off estimates as Maduro stopped reporting economic data in 2015. A recent filing with the SEC by the Venezuelan government indicated that its economy had contracted by 16.5% in 2016 alone."
- "To make things worse, the decline in Venezuela's oil production and decreased global demand of Venezuela's chief export — which greatly subsidizes its socialist regime — resulted in a 51% drop in national income from 2013 to 2017."
- "The minimum wage declined by 88% from 2012 to 2017 when compared against the black market exchange rate."
- "Venezuelans making that minimum wage cannot afford to feed a family of five, even when their entire income is devoted to purchasing the cheapest available calories."
- "Income poverty jumped to 82% in 2016 — a shocking increase from 48% in 2014."