Venezuela is a federal republic located on the northern coast of South America. Oil was discovered in the early 20th century and, today, Venezuela has the world's largest known oil reserves and has been one of the world's leading exporters of oil. Previously an underdeveloped exporter of agricultural commodities such as coffee and cocoa, oil quickly came to dominate exports and government revenues. The 1980s oil glut led to an external debt crisis and a long-running economic crisis. Inflation peaked at 100% in 1996. As (by 1998) per capita GDP fell to the same level as 1963, down a third from its 1978 peak.[1] The recovery of oil prices in the early 2000s gave Venezuela oil funds not seen since the 1980s.[2] A destabilized economy led to a crisis in Bolivarian Venezuela, resulting in hyperinflation, an economic depression, shortages of basic goods and drastic increases in poverty, disease, child mortality, malnutrition, and crime.[3][4]
^Kelly, Janet; Palma, Perdo A. (2006). "Chapter 10: The Syndrome of Economic Decline and the Quest for Change". In McCoy, Jennifer L.; Myers, David J. (eds.). The Unraveling of Representative Democracy in Venezuela. Johns Hopkins University Press. ISBN 0-8018-8428-4.
^Heritage, Andrew (December 2002). Financial Times World Desk Reference. Dorling Kindersley. ISBN 978-0-7894-8805-3.
^Scharfenberg, Ewald (1 February 2015). "Volver a ser pobre en Venezuela". El Pais. Retrieved 3 February 2015.
^Herrero, Ana Vanessa; Malkin, Elisabeth (16 January 2017). "Venezuela Issues New Bank Notes Because of Hyperinflation". The New York Times. Retrieved 17 January 2017.
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Centre CompaniesofVenezuela Currency ofVenezuela: Bolívar Fuerte ISO 4217: VEF Energy in Venezuela Energy policy ofVenezuela Health care in Venezuela Mining...
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