What caused many venezuelans to lose their jobs in the mid-1980s?

In the mid-1980s, many Venezuelans lost their jobs primarily due to a severe economic crisis triggered by a drop in oil prices, which heavily impacted the country's oil-dependent economy. The government implemented austerity measures and structural adjustments, leading to significant layoffs in both the public and private sectors. Additionally, hyperinflation and rising unemployment contributed to widespread economic instability, exacerbating the job losses.