Why Venezuela Is So POOR Despite Having So Much Oil? #shorts
Venezuela has the largest oil reserves in the world. It even surpasses major oil-rich nations like
Saudi Arabia and Iraq.
Despite this wealth, Venezuela's economy has fallen apart over the past two decades. Poverty
levels have increased dramatically.
Venezuela was once a Spanish colony. It later fought for independence, influenced by
Enlightenment ideas and revolutions in America and France.
In the early 20th century, Venezuela discovered oil. This made it a major player in the global oil
industry. Oil revenues fueled economic growth.
However, relying too much on oil caused economic instability. This was worsened by global
geopolitical events, corruption, and mismanagement. Policies like nationalization and more state
control made things worse. Venezuela's finances suffered, leading to a severe economic crisis
with hyperinflation and shortages.
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