Navigating Crisis: Venezuela’s 2024 Election Amidst Economic and Political Turmoil

• The roots of Venezuela’s problems lie not only in its economic issues but also in its prolonged political crisis.
• Deep-rooted corruption within national companies, especially in the oil and gas sectors, poses a significant obstacle.
• With a divided opposition, it appears that Maduro will run unopposed in the upcoming elections, leaving Venezuelans with limited choices. 

As 60% of the world’s population is expected to vote in elections that affect 40% of the world economy, 2024 has been dubbed a historic year for elections worldwide. Around the world, major political changes are taking place due to elections that are being held or are about to be held in nations like the United States, the United Kingdom, India, Taiwan, and Bangladesh, among others.

Venezuela sticks out from the rest of these nations because of its enormous oil and forest reserves. Although Venezuela has great potential, it is frequently linked to high inflation and economic disasters. As a result of the economic crisis, a large number of Venezuelans have fled their home country and sought safety in nearby nations like Mexico, the US, and Canada.

Trump’s Stance Against Maduro and Support for Guide

The roots of Venezuela’s problems lie not only in its economic issues but also in its prolonged political crisis. For decades, the country has been ruled by President Nicolás Maduro. During Donald Trump’s presidency, the U.S. did not recognize Maduro’s leadership, citing violations of democratic rights and targeting American citizens in Venezuela. Trump supported Juan Guaidó, attempting to establish a parallel political institution in Venezuela. However, this gamble did not pay off.

Biden’s Shift in Policy and the Barbados Agreement

Since Joe Biden took office, there has been a shift in U.S. policy towards Venezuela. The Biden administration has sought to negotiate and cooperate with Venezuela. The Barbados Agreement was a significant development, where the U.S. proposed lifting sanctions on Venezuela in exchange for transparent electoral practices and allowing opposition parties to participate in the 2024 elections. Additionally, U.S. oil companies, including Chevron, were permitted to resume operations in Venezuela.

However, this approach has been criticized. Many geopolitical experts, including some Democrats, view it as a gamble that might not yield the desired outcomes. Nicolás Maduro has not honoured the provisions of the Barbados Agreement, particularly concerning the opposition’s participation in elections. Prominent opposition leader María Corina Machado faces judicial charges, preventing her from contesting the elections.

As a result, it appears that Maduro will run unopposed in the upcoming elections, leaving Venezuelans with limited choices. This situation has strained U.S.-Venezuela relations, as the expectations set by the Barbados Agreement have not been met.

Political Stability as a Precursor to Economic Recovery

Venezuela faces several immediate challenges. The primary concern is achieving political stability, as it is crucial for economic stability. Additionally, the deep-rooted corruption within national companies, especially in the oil and gas sectors, poses a significant obstacle. Even if international sanctions are lifted, internal corruption could hinder progress. Addressing these issues will be critical for Venezuela’s future, making the upcoming presidential elections pivotal in determining the country’s direction.

In summary, 2024 is a year of critical elections globally, and Venezuela’s situation underscores the complex interplay of political and economic factors. The world will be closely watching how Venezuela navigates these challenges and whether it can achieve stability and growth.

Aayush Pal