In less than a decade, the economy of what was once South America’s wealthiest country, Venezuela, collapsed. The oil-rich country, which once pumped over three million barrels of petroleum daily, slumped into the worst economic collapse of modern times to occur outside of war. For the decade between 2012 and 2022, Venezuela’s gross domestic product plummeted by a whopping 300%, falling from $372 billion to $93 billion. It wasn’t until 2021 that the OPEC member’s economy finally returned to growth after being almost…
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