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France 24

Business

Charles PELLEGRIN

Venezuela's damaging dependence on its oil industry

Oil Venezuela Nicolas Maduro Caracas Inequality

BUSINESS © FRANCE 24

As Venezuela's opposition contests the re-election of President Nicolas Maduro, we take a closer look at the South American country's economic challenges. Hyperinflation, which reached a peak in 2019, may have subsided but it has underlined issues with wealth inequality and dependence on the oil sector. In addition, Caracas is carrying a massive foreign debt load of around $150 billion.

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