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<p>The economic crisis in Venezuela continues to deepen, exacerbated by the impact
of COVID-19. It is forecast that by the end of 2020, Venezuela will be recording an
80% contraction in GDP since 2014. Chronic economic mismanagement, hyperinflation,
a massive exodus of Venezuelan talent as a result of the disastrous political and
humanitarian situation, and repeated critical infrastructure failures are all factors
contributing to this. The UNHCR calculates that more than 5 million Venezuelan migrants
and refugees have left Venezuela, the largest exodus of people in South American history.
Economic activity is at minimal levels, and the fiscal balance has worsened.</p><p>The
political crisis has been further complicated by the Maduro regime taking forward
an illegitimate legislative election on 6 December. Many opposition parties, led by
interim constitutional President Juan Guaido, refused to participate because of electoral
conditions that were neither free nor credible. The FCDO published a statement on
7 December, making clear that the UK considers the election to have been illegitimate,
and does not recognise the result. The International Contact Group on Venezuela, the
Organisation of American States, the Lima Group, and others have all made similar
statements. We will continue to work closely with like-minded partners.</p><p> </p>
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