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Venezuela's economy, long reliant on oil, now finds itself boosted by an unexpected partner-music. According to BBC, this dual dependency forms a critical backdrop to Sunday's presidential election, where President Nicolás Maduro aims to demonstrate that the nation is recovering from prolonged economic crisis.

President Maduro claims his recent measures have helped stabilize the economy, reducing the hyperinflation that once peaked at over 400,000% annually to a more manageable 50%.

However, these improvements have not addressed the deeper structural issues plaguing Venezuela, particularly its historical over-reliance on oil, which has often led to economic volatility.

González on Venezuelan Economy

Opponents of Maduro, led by his rival Edmundo González, argue that a change in leadership could freshen up the economy by re-establishing international trade and financial connections severed under Maduro's administration.

They believe this shift could end U.S. sanctions that have severely limited the state oil company PDVSA's ability to sell crude oil internationally, forcing it into less profitable black market deals.

Now, Venezuela's economy is being influenced by the music industry. An example of this is the popularity of concerts by stars like Colombian reggaeton artist Karol G in Caracas. These concerts attract wealthy audiences.

Looking ahead, it is unlikely that music can overtake oil as the main economic driver in Venezuela. Venezuela's economy is deeply entrenched in oil, which has been its primary source of revenue and international trade for decades. Massive investments, infrastructure, and historical dependence on oil make it difficult for any other sector, including music, to surpass its economic impact.