Economics Case Studies, Economic Crisis Case Studies

Code : ECC0058

Year : 2016-17

Industry :Macroeconomic analysis

Region : Venezuela

Teaching Note: Available

Structured Assignment : Not Available

INTRODUCTION:

From the Caribbean beaches to snow-capped mountains, Venezuela has it all. The country boasts of its largest proven oil wealth that fueled its bustling economy . Venezuela was ranked among the countries with high human development in the UNDP Human Development Report. In the early 2000s, much of the political left across the world admired Venezuela’s ambitious socialist project. Venezuelan socialism was much hailed as an appealing alternative to the market-based approach of the majority of the world. Just a decade ago, Venezuela was super rich and powerful enough to aspire to counterbalance the U.S. influence in the Latin American region. Yet, Venezuela was faced with an economic and humanitarian disaster .

In 2017, Venezuela owed almost $140 billion in foreign debt and is in danger of debt default. During March 2017, the United Nations rescinded Venezuela’s right to vote in the General Assembly because of the tens of millions of dollars it owes in dues. Many Venezuelans are going hungry in a food shortage, and others are dying of treatable diseases due to a lack of medicine..

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