Is Venezuela a Rich or Poor Country? A Nation of Resources in Crisis
Venezuela is rich in natural resources — particularly oil — but has faced a prolonged economic crisis since the early 2000s. Heavy reliance on the oil sector left the economy exposed to price shocks and limited diversification.
Economic mismanagement, structural weaknesses and, in recent years, international sanctions have further constrained the country’s financial situation. Venezuela has experienced hyperinflation, unemployment, rising insecurity and a sharp decline in living standards.
Although periods of higher global oil demand have provided temporary relief, recent years have still seen record levels of poverty and food insecurity. This has contributed to a large-scale migration crisis as millions of citizens have left the country.
Venezuela therefore remains a nation with vast natural wealth but deep economic challenges and persistent structural instability.
