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The economy of Venezuela is based primarily on petroleum, [4] [18] as the country holds the largest crude oil supply in the world. [19] Venezuela was historically among the wealthiest economies in South America, particularly from the 1950s to 1980s. [ 20 ]
In 2015 the Venezuelan economy contracted 5.7% and in 2016 it contracted 18.6% according to the Venezuelan central bank; [81] after that, the government stopped producing data. [140] Ecoanalítica, a Venezuelan consultant, told The Wall Street Journal that output had halved between 2016 and 2019. [140]
This ended up having limited effects in the economy as World War II broke out and Venezuela continued supplying large amounts of oil to the United States. [2] Through the 1950s, the Venezuelan economy grew at a healthy rate despite rampant corruption and deceit for foreign companies and the indifferent stance of the government. [1]
The prolonged economic and political instability in Venezuela has forced millions of Venezuelans to leave over the past decade, quashing many of their dreams and leaving many wondering if they'll ...
The respite — coming after Venezuela's economy contracted 80% from 2014 into 2021 — even prompted some Venezuelans to return from Colombia, Peru, Ecuador and other Latin American countries ...
Trade between Colombia and Venezuela could hit between $800 million and $1 billion this year, Colombia's Trade Minister German Umana said in Caracas on Wednesday. Trade between the neighboring ...
Venezuelan's unemployment rate hit 17.4% at the end of June 2017, with the jobless total having doubled over 12 months, when two million people lost their jobs. [80] In January 2016 the unemployment rate was 18.1 percent [81] and the economy was the worst in the world according to the misery index. [82]
Most of those seven million migrants left Venezuela after 2014, according to the United Nations, amid an economic and political crisis brought about by a crash in the price of oil – a key export ...