Economic Crisis in Venezuela. Causes and Consequences
KeywordsVenezuela, Latin America, economic crisis, development economics
Crude oil is the most important raw energy material in the world. Since the 1940s, the Venezuelan economy has become increasingly dependent on the production and sale of oil in the world markets – revenue from oil exports reached 50% of GDP and about 96% of total export revenue. As a consequence, the sharp fall in oil prices in recent years has led to a serious economic crisis, which now has the hallmarks of a humanitarian crisis. It seems plausible that the current crisis in which Venezuela found itself in is, to a large extent, the result of basing the economy on the monoculture of crude oil, which in times of recession had to significantly affect the functioning of the entire economy. Venezuela would therefore be a model example of “Resource curse” or “paradox of wealth” economy. The aim of the article is to present the economic situation of Venezuela, the sources of the crisis, the course and prospects of exiting the crisis.
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