Q. 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?
Answer: D
Notes:
Exp) Option d is the correct answer.
Statement I is incorrect. The ongoing socioeconomic and political crisis in Venezuela is marked by hyperinflation, escalating starvation, disease, crime and mortality rates. This has resulted in massive emigration from the country. The situation is believed to be by far the worst economic crisis in Venezuela’s history. According to the national Living Conditions Survey (ENCOVI), by 2021-94.5% of the population was living in poverty based on income. Out of this 76.6% lived in extreme poverty.
Statement II is correct. Venezuela is currently the country with the largest proven oil reserves in the world, with an estimated 300 billion barrels of oil.
