Venezuela saw its GDP shrink for the fourth year running in 2017 and the inflation skyrocketed remarkably due to expansionary monetary policies. Although there was a large increase of oil prices，crude oil outputs in the country continued to drop and failed to improve the economy. Venezuela is expected to contract consecutively in 2018. There were three major elections in 2017，including the constituent assembly，the regional and the municipal elections，which contributed to restoring political stability temporarily in the country. The ruling United Socialist Party of Venezuela（PSUV）witnessed intensified internal conflicts. The upcoming presidential election is to be a major challenge confronting the country in 2018. As an effort to combat the effects of inflation，the government raised the minimum wage three times in the year. Despite financial pressure，it still gave priority to advancing the Gran Misión Vivienda（GMVV）to improve people’s housing conditions. As a result of rising domestic conflicts，Venezuela faced rising diplomatic pressure from regional countries.