15 Fastest Declining Economies in the World in 2024

2. Venezuela

Average GDP Growth: -8.94%

Venezuela is struggling with severe economic challenges, with hyperinflation reaching 344% in 2023 which drastically eroded purchasing power. The economy has contracted by over 75% since 2013 which has led to widespread poverty, with over 96% of the population living below the poverty line. Oil production has dropped to 700,000 barrels per day, down from 2.3 million in 2013. These economic woes are worsened by international sanctions, a collapsed healthcare system, and a major brain drain, as over 7.7 million citizens have emigrated.