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Explanation:
Venezuela is one of the petrostates in the world. It is a resource blessed country with a 299,953,000,000 barrels of proven oil reserve. This has made the oil rich nation assiduously dependent on the black gold (oil).
With much dependence on oil comes a host of many adverse economic issues. Falling crude prices will have a huge toll on the economy of this oil rich nation.
If the government does not diversify the economy;
- Venezuela foreign exchange earning will only depend on the price of oil and the production rate.
- Venezuela will not be able to finance her national budget.
- There would be serious inflation and rise in cost of goods and prices.
- It can lead to total economic collapse when renewable energy takes the fore front in the energy race.
Venezuela is a country in northern South America known for its diverse geography, including mountains, plains, and rainforests. It has a history of gaining independence from Spain in the 19th century. The country faces various challenges, including economic instability and political turmoil. Its capital is Caracas, and the official language is Spanish.
Venezuela, located in northern South America, boasts a diverse landscape, from the towering Andes Mountains to the vast plains of the llanos and tropical rainforests. The nation, with Caracas as its capital, gained independence from Spanish colonial rule in 1821
subsequently emerged as a separate country in 1830. Venezuela's cultural heritage is a blend of indigenous, European, African, and Caribbean influences, contributing to a rich tapestry of music, festivals, and cuisine. in recent years, Venezuela has confronted significant challenges. Its economy, heavily reliant on oil exports, has suffered from inflation.
economic crises, and political instability. The country has faced shortages of essential goods, contributing to a migration of its citizens seeking better opportunities abroad. The situation in Venezuela has been marked by political turmoil and social unrest, making it a topic of global concern.
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Answer Details-
Grade: High School
Subject: Geography
Chapter: Japan
Keywords:
Japan , Sea of Okhotsk, Philippine Sea, Sea of Japan,East Asia, the Pacific Ocean, North-East Asia, Siberia, Taiwan, Korean Peninsula, Mount Fuji, River Shinano, Japanese territories,370 kilometers,70 percent
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