Where does Venezuela rank in economy?

Where does Venezuela rank in economy?

Venezuela’s economic freedom score is 24.8, making its economy the 176th freest in the 2022 Index. Venezuela is ranked 32nd among 32 countries in the Americas region, and its overall score is well below the regional and world averages.

When was Venezuela the richest country in Latin America?

Abstract. At the beginning of the twentieth century Venezuela had one of the poorest economies in Latin America, but by 1970 it had become the richest country in the region and one of the twenty richest countries in the world, ahead of countries like Greece, Israel, and Spain.

What is Venezuela’s biggest export?

Crude Petroleum
Exports The top exports of Venezuela are Crude Petroleum ($2.62B), Iron Reductions ($276M), Acyclic Alcohols ($208M), Refined Petroleum ($181M), and Crustaceans ($136M), exporting mostly to India ($2.03B), China ($464M), Malaysia ($387M), Spain ($302M), and Italy ($184M).

When did Venezuela have a good economy?

Along with the oil boom of the 1920s, World War I was important in triggering Venezuelan oil production. Shortly after this, the oil boom of the 1920s meant Venezuela became the wealthiest state in Latin America. Investment and oil exports increased tremendously during the period from 1920 to 1935.

What made Venezuela the richest country in the continent?

Here’s what went wrong. Until recently, almost all of Venezuela’s mostly urban and educated population had access to clean drinking water, sanitation facilities and electricity. It was an affluent country, with the largest proven fossil-fuel reserves in the world.

What went wrong with Venezuela’s economy?

Political corruption, chronic shortages of food and medicine, closure of businesses, unemployment, deterioration of productivity, authoritarianism, human rights violations, gross economic mismanagement and high dependence on oil have also contributed to the worsening crisis.