What is the Reason for Venezuela Economic crisis?

What is the reason for Venezuela Crisis ?

Venezuela, once a rich oil reserve country, is now battling an unprecedented economic crisis. The proven oil reserves in Venezuela are recognized as the largest in the world and followed by other countries.

On 2nd June 2010, President Chavez declared an “economic war” due to the increasing shortages in Venezuela. The crisis has affected the life of the average Venezuelan on various levels. The crisis was the result of populist and socialist policies that began under the Chavez administration’s Bolivarian Revolution. Oil comprises 95% of Venezuela’s exports and 25% of its gross domestic product (GDP), because of oil prices continuously fallen down for one decade, 95% of business depends upon oil production, Venezuela faces worst ever loss and their economy fallen down.

Dis-stratification with corruption was cited by opposition-aligned groups as one of the reasons for the 2014 Venezuelan protests. Venezuela used to be a wealthy nation of Latin America, but a corrupt system along with drop in oil prices drove the country into political and economic crisis.

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