Even in comparison to their neighbors, they are doing poorly no?

I think the best indicator would be how people are voting with their feet. Are people fleeing from Venezuela to its neighbors or the other way around?

The frontier was closed off for nearly over a year, but when last reopened nearly 132,000 people crossed on the first day. It's hard to know how many are just crossing over to buy groceries and how many will stay, but I read that the Colombian government estimates that roughly some 500,000 Venezuelans will illegally immigrate to Colombia during the next year, which is a worrisome number. As a Colombian I've personally seen how they've been clearly voting with their feet for the last 10 years, since they have no opportunities and are afraid of protesting against a government that kills and persecutes the opposition.

http://www.bbc.com/mundo/noticias-america-latina-36817172

Its neighbors seem pretty glamorous to Venezuelans, who pour by the tens of thousands into Colombia to buy basic groceries when the border is opened.

East vs West Germany, and North vs South Korea are good examples of how different governments result in different standards of living.