In the news: Forbes thinks we should learn “lessons” from Venezuela

A few days ago, Guyana made it to Forbes again. This time, in the context of our neighbour’s disastrous implosion. Here’s what they said: A central factor in the shriveling of the economy has been over-dependence on oil. Non-oil industries have all but vanished, their share of exports falling from around 25% in the late 1990s to less than 3% in recent years. The government borrowed heavily against rising oil revenues in the previous decade, fueling social spending. When oil prices fell in 2014, Venezuela had minimal savings and no other buffer. The result has been a shortage of dollars … Continue reading In the news: Forbes thinks we should learn “lessons” from Venezuela