The oil crisis has done a lot to ruin the economy of Venezuela. While the oil crisis definitely played a major role in the ruination of the economy, deflated oil prices cover up other fiscal disasters in the country. Not too long ago, numerous domestic industries in Venezuela prospered. Today, expert Danilo Diaz Granados sees these industries are in a shambles.
The saddest fact of all is many of these industries were involved with the farming and production of food.
“Financial problems are certainly serious” says Diaz Granados, but the inability to find food is catastrophic. The country’s farming industry no longer grows and harvests food like it once did. The fishing industry is in a horrible state as well. Venezuela is reliant on imports for foods. Unfortunately, Venezuela is not able to settle its debts on imports. That means food is not easy to import.
Hunger is rampant through Venezuela as a result.
The decline in the price of oil absolutely contributed to current woes, but the main cause of the disaster is a mix of public corruption and poor government policy. Venezuela is a country that was run into the ground by those running the nation. The populace invariably suffers the most.
Blame will surely be spread around by those in charge of the country. Improvements in the economic situation may take more years of suffering. If nothing else, the problems in Venezuela should serve as a warning to other nations.