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World Bank List of countries by GDP (nominal) ranked 30th biggest economy in the world (this citation should be reviewed, Venezuela has a blank entry in cited document, nor is the document from 2015). [2]
In April 2000, Venezuela's president decreed a new mining law and regulations were adopted to encourage greater private sector participation in mineral extraction. During Venezuela's economic crisis, the rate of gold excavated fell 64.1% between February 2013 and February 2014 and iron production dropped 49.8%. [156]
This article needs to be updated. Please help update this article to reflect recent events or newly available information. (April 2023) Economy of Venezuela Plaza Venezuela in Caracas Currency Bolívar Digital (VES) Fiscal year Calendar year Trade organizations WTO, OPEC, Unasur, ALBA Statistics Population 28,301,696 (2022) GDP $102.328 billion (nominal, 2024 est.) $224.526 billion (PPP, 2024 ...
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.
The Global Competitiveness Report (GCR) [1] was a yearly report published by the World Economic Forum.Between 2004 and 2020, [2] the Global Competitiveness Report ranked countries based on the Global Competitiveness Index, [1] developed by Xavier Sala-i-Martin and Elsa V. Artadi. [3]
The MSRI incorporates resilience measurement of both market system actors and households. It is composed of 5 principles and 11 determinants, following standards set by the Donor Committee for Enterprise Development (DCED) and integrated with household-level agroecosystem indicators of resilience.
Washington, which rejected Maduro's 2018 reelection as a sham, broadly eased sanctions on Venezuela's oil industry last October in response to a deal between Maduro and opposition parties.
The Institute of International Finance (IIF) stated in March 2019 that "Venezuela's economic collapse is among the world's worst in recent history". [140] A chief economist of the IIF said the crisis resulted from "policy decisions, economic mismanagement, and political turmoil", saying it is on a scale that "one would only expect from extreme ...