The economic crisis in Venezuela has been one of the most severe in the world in recent decades. The oil-dependent country’s income shrank drastically, causing astonishing inflation that reached more than 10,000,000% in 2019. As a result, many Venezuelans were forced to face extreme poverty and high unemployment. The main factor leading to this crisis is Venezuela’s dependence on oil exports. When international oil prices fall, state revenues decline sharply. Rampant corruption and poor economic management by Nicolás Maduro’s government have further exacerbated the situation. Declining oil consumption due to ineffective policies and lack of investment in non-oil sectors worsens the situation. Exceeding inflation has caused people’s purchasing power to decline significantly. Many people cannot afford food and basic daily necessities. Bread, which should be a basic food, is often hard to find, and when it is available, the price skyrockets. As a result, prices of basic goods continue to rise, while wages are unable to keep up, creating a gap between income and needs. Apart from the inflation problem, Venezuela is also experiencing a humanitarian crisis. Many citizens took the decision to leave their country, seeking a better life in neighboring countries such as Colombia and Brazil. Hundreds of thousands of Venezuelan refugees create challenges for these countries in terms of resources and public services. The health sector also slumped. Hospitals lack medical equipment and medicines. Attacks of diseases such as malaria and diphtheria are increasing because the health system is collapsing. Infant and maternal mortality rates soared, highlighting the devastating impact of the economic crisis on public health. The Venezuelan government has tried various measures to deal with the crisis, including the introduction of a new currency and price controls, but many of these efforts have failed and actually made the situation worse. In addition, international sanctions imposed by Western countries in response to human rights violations also increase the country’s economic burden. Venezuela’s internal politics have become complex. Tensions between the government and the opposition produce instability that makes recovery efforts increasingly difficult. Popular demonstration movements occurred sporadically, with demands for leadership change and economic recovery. From an international perspective, it is feared that this crisis could give rise to a larger wave of migration, with significant inter-regional impacts. Countries in the region must prepare to receive refugees and address issues related to their integration in new societies. Efforts to restore Venezuela’s economy require cooperation from both parties, short-term and long-term solutions, and international support to overcome the ongoing humanitarian crisis. Returning to the path of sustainable development is the key to lifting Venezuela out of this prolonged suffering.