Venezuela economic crisis: Over three-quarters live in extreme poverty

As per the latest research published on Wednesday, more than 75% of Venezuelans are now living in extreme poverty.

Reuters reports that the number of Venezuelans living in extreme poverty increased by about ten percentage points from last year, from 67.7% to 76.6 percent this year, according to the 2020-2021 National Survey of Living Conditions.

According to the study, which was conducted by researchers from Andres Bello Catholic University and surveyed 14,000 homes in 21 of the country's 23 states between February and April, around 95 percent of the population lives in poverty. 

Fuel shortages, COVID-19, and a lack of job possibilities are all issues that contribute to such extreme poverty.

The research comes as the country is in the midst of a political and economic crisis that includes shortages of key goods such as medication and food, hyperinflation, and a lack of electricity.

According to Reuters, others claim that the country's economy has been mismanaged, which is to blame for the current situation.

President Nicolás Maduro's administration has blamed U.S. sanctions for the country's problems. 

However, the United States has continued to provide financial aid to the country, including a recent $336 million investment in humanitarian and economic aid.

Since 2017, the US has provided more than $1.9 billion in financial aid to the country, according to the State Department. 

(With inputs from agencies)