Venezuela is a country that seems to be both blessed and cursed at the same time. This is a country with the largest proven oil reserves on the planet, yet its people face consistent gas shortages, and they often wait for six hours in long lines for fuel. This is a country that was once the 4th richest economy in the world according to GDP per capita figures, yet it experienced the most devastating economic crisis in modern history, which spiraled into a full-blown humanitarian crisis, as around 7 million people have fled the country in search of food and jobs.

The path to Venezuela’s crisis is riddled with mistakes and valuable lessons that both you and I can learn a lot from to avoid being repeated in our own economies, however simple and seemingly cliche those mistakes may be. So how did a country that was once the richest economy in Latin America end up having a crisis worse than the great depression and Zimbabwe’s hyperinflation combined? And how are Venezuela’s conditions today since its horrifying crisis?

Music by Epidemic Sound

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#Venezuela #Finance #Doverhill

about economics explained, about Finance and how money works, on Venezuela's economic crisis, its oil crisis, and how oil caussed Venezuela's crisis This is an economics/finance video