The 8 Secrets About Venezuela Economic System Only A Handful Of People Know | venezuela economic system

Agua Los Altos is Venezuela's largest city. It is located on the Pacific Ocean and its port is on the sea. The Venezuelan economy is highly dependent on oil exports, so much so that they account for over 60% of the country's gross domestic product (GDP). This is what brings the poor country so much notoriety.

DescriptionVenezuela is an oil-rich country on the South eastern coast of South America. Along its Caribbean coastline are several tropical resort islands such as Isla de Margarita, Gran Sabana, and Los Roques. To the north is the Andes Mountains, and the historic city of Mérida. Caracas, Venezuela's capital, is at the very north. ― playback the words “oil curse” and you will understand why the country is in an economic mess right now.

As regards tourism, visitors are restricted to Caracas and some parts of Margarita Island. On the other side of the border, visitors are not allowed to swim in the Pacific Ocean. Travel from the United States into Venezuela can be difficult due to travel restrictions and natural disaster. Traveling from Canada into Venezuela can be possible, but you may have to take a cargo ship.

What brings people to Venezuela? Well, the country's unique geographic location has attracted a lot of foreign investors over the years. Additionally, the country's lack of an open political system, coupled with a robust central economic system, allows citizens to enjoy certain privileges not enjoyed anywhere else in South America or the Western Hemisphere. For example, many hotels and restaurants are not inspected before they are opened, something that would not happen if the country was operating a more transparent economic system.

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So, what can you do if you are visiting this spectacular South American country? The most important thing to do is ensure that your transactions are perfectly legal. Transactions like buying or selling dollars (including those involving cash) are strictly prohibited. To be able to buy dollars at all, you need to hold a bank account at a South American financial institution like Banamex. If you try to pay your vendors in cash, the transaction can be considered illegal.

To avoid becoming a victim of theft or exchange rip offs, always remember to buy locally. You can visit Caracas and find all kinds of shops where you can get the merchandise you need at wholesale prices. If you're not comfortable with buying at the stores in Caracas, Venezuela, do not let the seller pressurize you to do so. Simply walk away and try another seller the next time you visit the city.

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Venezuela

Venezuela | venezuela economic system

Economy of Venezuela - Wikipedia - venezuela economic system

Economy of Venezuela – Wikipedia – venezuela economic system | venezuela economic system