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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]
Venezuela's economy grew more than 5% in 2023 and growth will reach 8% this year, President Nicolas Maduro said on Monday during his annual address to the government-allied legislature. Venezuela ...
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Maduro was criticized for concentrating on public opinion, instead of tending to practical issues which economists had warned about, or creating ideas to improve Venezuela's economic prospects. [79] By 2014, Venezuela had entered an economic recession [80] and by 2016, the country had an inflation rate of 800%, the highest in its history. [81] [82]
In Venezuela's economy, mired by hyperinflation and hemmed in by sanctions, the operation is not so straightforward. Venezuelan food delivery driver Pablo Toro has no stake in cryptocurrency or ...
The economy of Venezuela is based primarily on petroleum, [7] [21] as the country holds the largest crude oil supply in the world. [22] Venezuela was historically among the wealthiest economies in South America, particularly from the 1950s to 1980s. [ 23 ]
Venezuela's economy is highly dependent on oil production and exportation. [2] Venezuela is a member of the Organization of Petroleum Exporting Countries. Its economy is prone to disruption given that price of oil fluctuates rapidly. In 2014, oil prices dropped. Since then Venezuela has had to adapt to a significant decrease in state revenue.
Jan. 10 (Reuters) - Venezuelan President Nicolas Maduro, whose nearly 12 years in office have been marked by a deep economic and social crisis, is set to be sworn in for a third term on Friday ...