How wealthy is Venezuela?

$42.530 billion (nominal, 2021 est.) $144.737 billion (PPP, 2020 est.)

Is Venezuela a poor or rich country?

Since 2017, the share of households living under the poverty line in Venezuela has been surpassing 90 percent. In addition, more than six out of every ten households (64 percent) lived in extreme poverty in 2020.

Does Venezuela have a good economy?

For much of the past decade, in fact, economists called Venezuela's collapse the worst in the world. Thanks to plummeting oil prices and socialist regime mismanagement and corruption, the economy shrank by 75% between 2014 and 2020.

Is Venezuela used to be rich?

Abstract. At the beginning of the twentieth century Venezuela had one of the poorest economies in Latin America, but by 1970 it had become the richest country in the region and one of the twenty richest countries in the world, ahead of countries like Greece, Israel, and Spain.

How does Venezuela make money?

1920s to 1970s: Oil is discovered in Venezuela, which is found to have the world's largest reserves. The nation's economic development is based on rising prices and profits in oil exports.

Inside the Secret Bubble of Venezuela's ULTRA RICH

Why did Venezuela go broke?

Political corruption, chronic shortages of food and medicine, closure of businesses, unemployment, deterioration of productivity, authoritarianism, human rights violations, gross economic mismanagement and high dependence on oil have also contributed to the worsening crisis.

Who buys the most oil from Venezuela?

OPEC stats show Venezuela currently produces up to 688,000 barrels per day. Most of this oil goes to China, a small amount to Russia and to Iran to pay outstanding debt, Pinon told DW. About 60,000 barrels go to Cuba and to cash customers like India.

How was Venezuela so rich?

Venezuela has the world's largest proven oil reserves, totaling 302.81 billion barrels at the end of 2017. The country is a major producer of petroleum products, which remain the keystone of the Venezuelan economy.

Which is the richest South American country?

Chile is actually the richest country in all of South America with exceedingly high living standards as well as a well-developed economy.

Is education in Venezuela free?

Education of Venezuela. Basic education is free and compulsory between the ages of 6 and 15. Secondary education, which lasts for 2 years, is also free but not required. More than nine-tenths of Venezuelans age 15 and older are literate.

Does the US give foreign aid to Venezuela?

This new funding brings total U.S. humanitarian, economic, development, and health assistance for the Venezuela crisis to more than $1.9 billion since 2017, including $1.65 billion in humanitarian assistance within Venezuela and in the region.

How much is a Big Mac in Venezuela?

Even at an artificially low price, a Big Mac is small consolation,” The Economist said. On the opposite end of the spectrum, the price of a Big Mac in Venezuela is $8.35, according to the index.

How corrupt is Venezuela?

The large amount of corruption and mismanagement in the country has resulted in severe economic difficulties, part of the crisis in Bolivarian Venezuela. Transparency International's 2019 Corruption Perception Index ranks the country in 173rd place out of 180 countries.

Why so much poverty in Venezuela?

Since 2014, the country has suffered from shortages of basic supplies and hyperinflation. Millions of people are in need of aid. The government has not commented but it often says US sanctions are to blame. Critics, however, say the crisis is a result of President Nicolás Maduro's economic mismanagement.

Is Mexico richer than Brazil?

Take GDP per capita: as of a few years ago, Brazil has been richer than Mexico. But if you account for purchasing power (that is, the amount of stuff people can buy in their country with the money they earn), Mexico jumps ahead.

Is Mexico richer than Colombia?

Colombia has a GDP per capita of $14,400 as of 2017, while in Mexico, the GDP per capita is $19,900 as of 2017.

Is Chile richer than Argentina?

Indeed, a century ago, it was one of the world's wealthiest countries, with a standard of living on par with that of the US. Today, however, Argentina's per capita income amounts to just 40% of America's, and is considerably lower than Chile's.

Why Venezuela poor despite oil?

Since 2014, oil production in Venezuela has suffered from a poor oil market and Venezuela's insufficient funding of the industry. Venezuela's nationalistic oil policies have not succeeded in making them more independent from their oil customers.

Is Venezuela a dictatorship?

Venezuela has a presidential government. The Economist Intelligence Unit rated Venezuela an "authoritarian regime" in 2020, having the lowest score among countries in the Americas.

Does the US support Venezuela?

Since FY 2017, the United States has provided more than $1.4 billion in humanitarian assistance along with $272 million in economic, development, and health assistance to support the response to the crisis inside Venezuela and throughout the region.

What is Venezuela's biggest export?

Exports The top exports of Venezuela are Crude Petroleum ($2.62B), Iron Reductions ($276M), Acyclic Alcohols ($208M), Refined Petroleum ($181M), and Crustaceans ($136M), exporting mostly to India ($2.03B), China ($464M), Malaysia ($387M), Spain ($302M), and Italy ($184M).