Is Venezuela poorer than Haiti or is this another Fake news?
I will need a grain of salt to swallow this one!
In a national survey conducted in Venezuela in 2016, this once reach nation is now among some of the poorest in the world. According to the survey:
- 82% of Venezuelan households live in a decadent condition. If you want to compare it with previous time, in 2014, 51 percent of people in Venezuela were considered middle class.
- 52% are in extreme poverty. In 2014, only 23 percent of the population were facing extreme poverty
- 18% are heading in that direction of extreme poverty.
The primary factor is the decline in oil revenue in the world market. As you may know, Venezuela is a major oil producer. It's economy almost entirely depends on oil revenues which historically have been going up and down. Due to lack of diversification in its economy and poor planning, the country leaves itself vulnerable to changes in price in the world oil market.
This may explain the decline in standard of living for the Venezuelans but not necessarily its placement as the poorest country in the hemisphere.
All Comments (1)
the country is facing difficult times.
but, resources are there as people as basic governance as basic
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