Geofinancial Analysis

Adam Ritchie

Venezuela, Another Victim of the Resource Curse

South America

Venezuela’s ongoing economic, financial and political crisis can be considered a variant of what economists sometimes call Dutch disease, i.e. the apparent causal relationship between the increase in the economic development of a specific sector of a country and a decline in other sectors. In Venezuela, unsurprisingly, the culprit is the oil sector, which represents 96% of the country’s exports and is estimated to provide more than 50% of government revenue.

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