Tag Archives: corruption

In 1950, when the global economy was struggling to recover from World War II, Venezuela had a GDP per capita of 7’425 USD, making the oil-rich South American nation, the world’s fourth-wealthiest country, exceeded only by the United States, Switzerland and New Zealand. Venezuela’s per capita income then was nearly four times higher than Japan’s (1’873 USD ), almost 75% …

A mix of unsustained economic policies widespread corruption political scandals poor productivity crucial dependency on natural resources high consumption instead of competition and investments excessive bureaucracy could lead to the greatest recession in over 100 years for the country. If you think, this country is Romania, you’re not completely off track.. But, however, the above mentioned downfall is the sad story …