Why Venezuela Is So Poor Despite Having So Much Oil

Venezuela, despite having the largest oil reserves, faces severe economic challenges. The country's colonial history, independence struggle, and oil discovery shaped its trajectory. Initially prosperous due to oil, Venezuela's economy suffered from over-reliance on this resource, leading to Dutch Disease. Political changes under Hugo Chavez and Nicolas Maduro, combined with falling oil prices, resulted in hyperinflation and a mass exodus. Recent stabilization offers hope, but recovery will be slow.

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