Venezuela is experiencing hyperinflation because of all the corruption in the government including the president leading to a lot of money printing and spending deficits and the Venezuelan government not admitting to money inflation.
Social impacts: Price inflation making it harder for people to pay for things they need to have such as food and water. Friends and families can’t go out and enjoy themselves together because they can’t pay for little things.
Political: With all the corruption the political standing is not good and there is speculation that foreign militaries might come in to diffuse the situation. Money currency is turning bad and isn’t getting better but getting worse by the year but nobody can do anything because all the higher ups could be apart of the corruption so nothing can change that. Other countries are getting involved because Venezuela has the largest known oil reserves.
Economic: 19 out of 23 states have been left without water due to pricing and that leading to deaths in some of those states. Money prices being worthless leading to people left starving and thirsty and people will rebel to get what they need to survive.
It affects the rest of the world because Venezuela is the biggest oil exporter out there due to it having the largest oil reserves but it also is a big exporter of coffee and cocoa beans.