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The excesses and poor policies of the incumbent government led to the collapse of Venezuela's entire economy. Previously, the country was an underdeveloped exporter of agricultural commodities such as coffee and cocoa, but oil quickly came to dominate exports and government revenues. It has the world's largest known oil reserves and has been one of the world's leading exporters of oil. Venezuela is a developing country and ranks 113th on the Human Development Index.

It ranks low in international measurements of freedom of the press and civil liberties and has high levels of perceived corruption. Venezuela has experienced democratic backsliding, shifting into an authoritarian state. The 2013 Venezuelan presidential election was widely disputed leading to widespread protest, which triggered another nationwide crisis that continues to this day. However, poverty began to increase in the 2010s. The government's populist social welfare policies were bolstered by soaring oil prices, temporarily increasing social spending, and reducing economic inequality and poverty in the early years of the regime. The collapse in confidence in the existing parties saw the 1998 Venezuelan presidential election, the catalyst for the Bolivarian Revolution, which began with a 1999 Constituent Assembly, where a new Constitution of Venezuela was imposed. Economic shocks in the 1980s and 1990s led to major political crises and widespread social unrest, including the deadly Caracazo riots of 1989, two attempted coups in 1992, and the impeachment of a President for embezzlement of public funds charges in 1993.

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Since 1958, the country has had a series of democratic governments, as an exception where most of the region was ruled by military dictatorships, and the period was characterized by economic prosperity. During the 19th century, Venezuela suffered political turmoil and autocracy, remaining dominated by regional military dictators until the mid-20th century.

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It separated as a full sovereign country in 1830. In 1811, it became one of the first Spanish-American territories to declare independence from the Spanish and to form part, as a department, of the first federal Republic of Colombia (historiographically known as Gran Colombia). The territory of Venezuela was colonized by Spain in 1522 amid resistance from indigenous peoples. Venezuela is among the most urbanized countries in Latin America the vast majority of Venezuelans live in the cities of the north and in the capital.

Venezuela is a federal presidential republic consisting of 23 states, the Capital District and federal dependencies covering Venezuela's offshore islands. The Venezuelan government maintains a claim against Guyana to Guayana Esequiba. The continental territory is bordered on the north by the Caribbean Sea and the Atlantic Ocean, on the west by Colombia, Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana.

The capital and largest urban agglomeration is the city of Caracas. It has a territorial extension of 916,445 km 2 (353,841 sq mi), and its population was estimated at 29 million in 2022. Venezuela ( / ˌ v ɛ n ə ˈ z w eɪ l ə/ American Spanish: ( listen)), officially the Bolivarian Republic of Venezuela (Spanish: República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Caribbean Sea.

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^ On 1 October 2021, a new bolivar was introduced, the Bolívar digital (ISO 4217 code VED) worth 1,000,000 VES.^ Area totals include only Venezuelan-administered territory.^ Some important subgroups include those of Spanish, Portuguese, Italian, Amerindian, African, Arab and German descent.^ The Constitution also recognizes all indigenous languages spoken in the country.^ The 'Bolivarian Republic of Venezuela' has been the full official title since the adoption of the Constitution of 1999, when the state was renamed in honor of Simón Bolívar.

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