In the 21st century, a lot of countries have showcased their supremacy and domination. A lot of countries have also faced their ups and downs including the great Britain and the United States of America. Challenges aroused for each nation economically, power showcase and a lots more.
For countries that have enough natural resources to fund their nation, the road has been up and smooth for them. Before the 21st century, most countries started the discovery of crude oil and the likes. Most countries dwell on the production and exportation of crude oil, as crude oil was one of the selling natural resources. These countries are seen as stinky rich and have a fast and booming economy. Countries like Venezuela, Abi Dhabi, Saudi Arabia, Kuwait, Nigeria and so on.
- In the 21st century, all oil producing countries met an unexpected tragedy which is, fall in the price of crude oil..this affected all the oil producing countries and led some nation into an economic crisis which led to recession in some countries. Venezuela also witnessed the same fate but as a result of its multi-blessed natural resources that is, she is producing not only crude oil but other resources such as, diamond, gold, natural gas, and so on.
- The 21st century is just like a blessing and Venezuela has been blessed and flourishing with resources. They are known as the second oil producing country in the world and also second natural gas production in the world. In the year 2004, the total of over 77billion barrel was produced and traded out. This resource helps in addition to the Venezuela’s economy.
- Venezuela also has the highest reserve of gold in the world. Each country in the world have achieved different goals in the 21st century and some have gotten a promotion, that is some nations in the 21st century have been well recognized while some have fallen from great to good. In the case of Venezuela, the 21st century has been a promising one.
- The mass production of natural resources like crude oil, gold, diamond, asphalt and a lot more makes her well recognized all around the world. In terms of corruption, Venezuela ranks the 7th most corrupt country in the world due to the greediness and the inability to handle the resources in the appropriate way that would be in favor of the whole nation. Recently
- Venezuela economy is in decline due to the fact that the leaders are corrupted and unwise government spending. This has affected the daily life of Venezuelan as they have shortages of food consumption, this also led to the withdrawal of some countries from Venezuela due to hard labor regulations.
The fall in oil price in the 21st century led to the downfall and crumble of most of the oil exporting countries. Venezuela to be precise so much depend on oil that half of their annual income is mapped out of oil. So the fall in the price left to the vulnerability of the Nation.