TravelTill

About Venezuela


JuteVilla
Venezuelans live in the cities of the north, especially in the capital, Caracas, which is also the largest city.

Since the discovery of oil in the early 20th century, Venezuela has been one of the world's leading exporters of oil and has the largest oil reserves. Previously an underdeveloped exporter of agricultural commodities such as coffee and cocoa, oil quickly came to dominate exports and government revenues. The 1980s oil glut led to an external debt crisis and a long-running economic crisis, which saw inflation peak at 100% in 1996 and poverty rates rise to 66% in 1995 as (by 1998) per capita GDP fell to the same level as 1963, down a third from its 1978 peak. The recovery of oil prices after 2001 boosted the Venezuelan economy and facilitated social spending, although the fallout of the 2008 global financial crisis saw a renewed economic downturn
JuteVilla