Venezuelan President Nicolas Maduro kicked off his new term with a state-of-the-nation speech on Monday but offered little in the way of fresh proposals to help the increasingly isolated country escape hyperinflationary collapse or a further downward spiral in 2019.

The former bus driver began a second term last week under an avalanche of criticism that his leadership is illegitimate following a disputed 2018 election, with countries around the world disavowing his government.

After promising ambitious economic measures ahead of Monday's speech, Maduro's proposals included a 300 percent minimum wage hike, dialogue with business leaders, and increased use of an nonexistent state-backed cryptocurrency.