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Venezuelan real salary has fallen 89.9% by March

Wednesday, March 1, 2017

With the World’s Biggest Oil Reserves, Venezuela Has Potential For Great Prosperity

With the world’s biggest oil reserves, Venezuela has the potential for great prosperity. However, instead it has recorded the largest decline in the Prosperity Index over the past decade. Venezuela is not the only South American country to see losses in rankings across many sub-indices, but it is unique in how far it has fallen in the Prosperity Index since 2007. Venezuela ranks 121st of 149.With the death of Hugo Chavez only occurring in 2013 after suffering years of what Foreign Policy referred to as ‘One of the worst cases of Dutch Disease in the world’, putting oil before any other sector, the country has seen the biggest prosperity decline over the past decade of any country in the Index. More…

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