Why Is Venezuela Dirt Poor Despite Having The Largest Oil Reserves?

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Did you know that Venezuela has the world’s largest oil reserves? But unlike Saudi Arabia and Qatar, Venezuela isn’t filthy rich with supercar police vehicles or massive vanity projects. In fact, Venezuela has been experiencing an economic collapse fueled by some of the worst hyperinflation ever seen. Within the last 10 years, the Venezuelan Boliver has gone from being able to exchange 4.3 for 1 US dollar to having to hand in 800 billion Bolivars just for 1 US dollar. The country has also leaned towards socialism which has destroyed much of the country’s economy and pushed them further into what is known as Dutch disease. Dutch disease is when a country becomes so dependent on one economic sector that other economic sectors begin to suffer. At this point, if the original economic sector goes through a downturn, the entire country is thrown into a depression and that’s exactly what happened to Venezuela as oil prices crashed in the mid-2010s. This video explains why Venezuela is so poor economically despite having the world’s largest oil reserves.

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Timestamps:
0:00 - Venezuela’s Oil Fortune
2:18 - Dutch Disease
5:12 - Bad Players
8:29 - Hugo Chavez
11:02 - The Collapse

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Disclaimer:
This video is not a solicitation or personal financial advice. All investing involves risk. Please do your own research.
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