Venezuela Flashcards
State 3 factors that have influenced Venezuela’s growth and development negatively.
- High Levels of poverty (most live in shanty towns)
- High levels of corruption
- Brain drain (1999)
What happened to the Venezuelan economy in 2016?
Hyperinflation
Name the biggest strength for the Venezuelan economy.
Venezuela has the world’s largest proven oil reserves
Name 4 problems/weaknesses of the economy.
- Hyperinflation
- High levels of unemployment
- Low levels of infrastructure
- Highly dependent on a primary product (oil)
What is Venezuela’s estimated economic growth in 2020.
-25%
How many years has Venezuela’s economic growth been -ve for?
The past 5 years
Name 3 supply-side policies that the Venezuelan economy has implemented to promote economic growth (long term).
- Improving infrastructure such as building the first railway to neighbouring countries e.g Brazil
- Investing in education
- Investing in better training
What % is Venezuela’s total exports is from petroleum?
95%
Over the past 5 years, how high has inflation been in Venezuela?
Over 5000%
Name 3 of Venezuela’s main exports.
- Petroleum
- Chemicals
- Agricultural products
What % of GDP is Venezuela’s national debt?
26%
In 2018, how many people fled the country every day?
5,000
How many Bolivars can you get for $1 USD?
1.8 million Bs
What proportion of roads are paved in Venezuela?
1/3
What is a negative having the world’s largest oil reserves?
They are Primary Product Dependent.
