Because of the policies from former Venezuelan president Hugo Chavez, Venezuela has been experiencing an economic crisis that is felt up until today. The country is experiencing food shortages, constant blackouts, and hyperinflation. Due to this, the citizens have been living in very harsh conditions.
This economic downfall also forced many Venezuelans to decide to leave the country in order to look for greener pastures. Due to this type of situation, many talents, especially in the tech industry, would opt out of the country as soon as they can. Caracas, the capital of Venezuela, was once known for its innovation and plethora of young talents. Nowadays, all these young talents are trying to get the first flight out.
Former Science, Technology, and Innovation Advisor for Venezuela Daniel Knobelsdorf experienced this first hand. Being in the circle of entrepreneurs, he has seen a lot of great talents leave the country because they can’t find opportunities there. He mentions that they usually leave for Chile once they get more experienced in the field.
Of course, the crisis not only affects the tech talents of the country but also other employees in various sectors. Hyperinflation of the currency has lead the employees to receive less than what the usual salary is. The rank and file workers, managers, and executives are all affected by this.
In fact, a study from ENCOVI states that 87% of the citizens in Venezuela are now living in poverty. While most people would see news that Venezuela has had a big boom in cryptocurrency, most people do not get to enjoy wealth since there is not enough cash for people to even buy basic goods. With 87% of the people in the poverty line, more and more people are opting to get out of the country in hopes of a better future.
If the Venezuelans can’t pick up, the country will just be destroying itself.