Where did Venezuela go wrong? - Shrey Srivastava
In this blog, I will be discussing the reasons why Venezuela suffered one of the largest economic crashes in recent history. I will be talking about: · - Early boom of Venezuela · - Government policies · - The country’s oil industry, its benefits and its consequences · - The following hyperinflation In my opinion, Venezuela is one of the most interesting case studies to investigate, this is because of a variety of factors, such as: the country’s initial booming success, in large part due to its large oil reserve; its transient experience of social welfare policies and finally its harsh economic downturn. Venezuela has the world’s largest oil reserves which is estimated to contain enough oil to fill up 304 billion barrels which, for perspective, is 48.3 quadrillion litres of oil in Venezuela alone which is enough to meet the oil demand of the entire world for 8.6 years (according to the Energy Information Administration’s estimate on how much