History of Economy

Venezuela's economy over the years has mostly been based on the exportation and exploitation of petroleum. In fact, it was one of the principal oil exporters to the United States. Overall, Venezuela is relying and has relied on oil to modernize its economic sectors. This has led to Venezuela's rise in the 1940s and 1970s as some of the biggest oil exporters on the planet, but also to its fall in recent years. Venezuela has had rises and falls including in the 80s and 90s when lots of problems arose including oil and an unpaid foreign debt. Venezuela went from riches to rags when they were the 4th most rich country in the world to having a 929,790% inflation rate.