Venezuela is in a deep economic crisis, that is not a "normal" recession. It was triggered by the 2014 oil price collapse and then made worse by US interventionism through sanctions and a large scale economic war.

Despite the economic crisis and the hyperinflation problem (that is largely fabricated from Miami and Colombia, investigate it if interested), the representation you get on mainstream media is a ridiculous caricature of the situation people actually live. The political goal of the whole operation is to justify a military intervention or a coup to overthrow the democratically elected government. The US did this dozens of times. But Venezuela is, unfortunately for them, quite ready. A coup they tried in 2002 failed and the army is quite hard to infiltrate now. They can attack through their puppet/proxy Colombia with terrorist attacks on the border.

The earlier the Petro arrives the stronger Venezuela will be in the global market and easier will be to recover, even with US sanctions.