Economic decline in Venezuela Mathematics & Economics Essay (Essay Sample)

Economic Decline in Venezuela
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Economic Decline in Venezuela
According to Zhukov & Reznikova (2018), Venezuela is considered the nation with the largest recoverable oil reserve in the world. The oil reserve contributes to around ninety-five percent of its income where the government and citizens depend on the oil business do derive revenue from exports and per capita income respectively. Unluckily, this changed with the coup attempt that occurred in 2002 and the business strike that occurred between 2002 and 2003 (Barbero, 2019). The economy has continued to decline because of bad governance where the President uses his powers for personal interest. Actually, the government system discourages socialism by implementing unprecedented policies regarding the oil prices that prevent private sectors from participating in economic development. Since 2014, the strategies implemented by the government have led to economic decline in the nation, as will be discussed in this work.