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The Collapse of Venezuela's Economy
Venezuela has the world's worst economy; it went from being the fourth richest country in the 1950s to one of the poorest today. Even though it has the most oil reserves in the world, the country has lost more than 80% of its GDP in less than ten years.
Main Reasons for Failure
Dutch Disease: The economy was weak and killed domestic industry because it relied too much on oil (90% of exports).
Short-termism: Venezuela spent its oil money on short-term, unsustainable populist programs, while Norway saved its oil money in a $1.6 trillion sovereign wealth fund.
Corruption and poor management: Billions of dollars in oil revenue are still missing, and the state oil company (PDVSA) lost skilled workers because they were loyal to the government.
The lack of property rights and extreme hyperinflation (130,000% at its peak) caused a huge "brain drain," with more than 6 million people leaving the country.
What is going on now
Venezuela is now a "petro-state" that can't pump its own oil as well as it used to. The country is a warning to the rest of the world about how natural resource wealth can turn into a curse without clear rules and long-term planning. It has crippling sanctions, high crime rates, and unstable politics.
