On Nicolás Maduro’s watch, Venezuela’s economy contracted 80% in less than a decade. Some 7.8 million Venezuelans fled from the economic hardships. If extreme poverty was at 11% in 2013, the year Hugo Chávez died and Mr. Maduro ascended to presidency, it now stands at 53%, while household poverty is much higher, at 82%, as per the UN. The oil-rich country had witnessed anti-government protests in recent years which were met with crackdowns. Before the July 28 presidential election, opinion polls showed that Edmundo González, the main opposition candidate, had a 20-point lead over the President. But none of these seemed to have mattered in the election, according to official results. Mr. Maduro won 51% of the vote, while Mr. Gonzalez secured 44%, said Venezuela’s election authority. Mr. Maduro can now extend his rule for six more years. But the opposition has reported widespread irregularities in the counting, and accused the President and his allies in state institutions of stealing the vote. According to the opposition, its vote tallies show that Mr. González won some 7.1 million votes against Mr. Maduro’s 3.2 million. Anti-Maduro protests broke out after the official results were announced. And the government is yet to release detailed voter data.
Mr. Maduro is not singularly responsible for the economic crisis. Chavez, a former tank commander who rose to power through elections, defied the liberal economic orthodoxy and built a new welfare state that was funded by oil revenues. By the time Mr. Maduro, who lacked his predecessor’s charisma, came to power, falling oil prices had dealt a blow to Venezuela’s economy. The sanctions by the Trump administration on the oil industry, pushed the economy to the brink of collapse. Mr. Maduro’s response was to tighten his grip on power. His regime seemed helpless when Venezuela was gripped by hyperinflation and scarcity of essential goods and medicines. In the run-up to the elections, the government had promised a free and fair vote. But even before the campaign started, María Corina Machado, the opposition’s most popular candidate, was banned from contesting. Mr. Maduro has rejected the opposition’s claims of fraud after the vote, but he is also under pressure. The U.S. on Thursday recognised Mr. González as the winner and called for a peaceful transition. Even Mr. Maduro’s leftist allies in Latin America, including Colombia and Brazil, have called for full and transparent voting data. Mr. Maduro now has the support of the military. But the deepening divisions at home and isolation abroad would continue to pose questions of legitimacy to his presidency.
