QUESTION

Medium

International Relations

Prelims 2024

Consider the following statements:

Statement-I: Recently, Venezuela has achieved a rapid recovery from its economic crisis and succeeded in preventing its people from fleeing/emigrating to other countries. Statement-II: Venezuela has the world's largest oil reserves.

Which one of the following is correct in respect of the above statements?

Select an option to attempt

Explanation

Statement-I: Incorrect. Venezuela continues to suffer from a severe economic crisis marked by hyperinflation, shortages of basic goods, and political instability. This crisis has led to a massive exodus of Venezuelans seeking better living conditions in neighboring countries and beyond.

Oil Reserves

Oil Reserves

Statement-II: Correct. Venezuela indeed possesses the world's largest proven oil reserves, surpassing even Saudi Arabia. However, despite this vast resource wealth, economic mismanagement, corruption, and international sanctions have crippled its oil industry and hindered its ability to leverage this asset for economic recovery.

Trusted by 2L aspirants

Practice UPSC Prelims PYQs Smarter

Practice Now
  • Track accuracy & weak areas
  • See past trends & repeated themes
Start Practicing Now

Crack UPSC with your
Personal AI Mentor

An AI-powered ecosystem to learn, practice, and evaluate with discipline

SuperKalam is your personal mentor for UPSC preparation, guiding you at every step of the exam journey.

Download the App

Follow us

ⓒ Snapstack Technologies Private Limited