Venezuela is a federal presidential republic with an economy heavily dependent on oil exports. Once Latin America's richest country, it has experienced severe economic crisis characterized by hyperinflation, currency devaluation, and widespread shortages of basic goods. Key economic sectors include oil and gas production (largest oil reserves globally), mining, manufacturing, and agriculture. Despite vast natural resources, the country faces extreme challenges with economic mismanagement, political instability, international sanctions, and humanitarian crisis. The economy operates under significant state control with price controls and foreign currency restrictions, though has seen some dollarization in recent years as citizens turn to US dollars for stability. The country continues to struggle with rebuilding its economy and infrastructure while facing complex political and social challenges.