The rise and fall of a petro state: the story of Venezuela’s economy

By Yasmeen Alamiri/CGTN America Twitter: @Yalamiri Images of Venezuelans searching for water, open shops, and refuge in the pitch black stands in stark contrast of the reality of the country’s natural wealth. Venezuelans have been enduring waves of blackouts and water shortages even though they sit on top of the world’s largest known oil reserves. The story of Venezuela’s economic rise and fall is one that is all too familiar for petro states. The country discovered oil in the 1920s, which drastically changed their economic structure, shifting them from agriculture production, known for coffee exports, to being almost entirely dependent on oil. Economic dependency on oil is tricky business. At its peaks, it brings an onslaught of wealth, as it […]

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The global tourism industry is set to reach, and possibly surpass, pre-pandemic levels by the end of 2024, according to the World Economic Forum (WEF). Five years post-COVID-19, the sector is experiencing a robust resurgence driven by a surge in international travel, improved air connectivity, and strong rebounds in key regions. However, global dynamics must be managed carefully to ensure stable and continuous growth. In 2023, international tourism reached 88% of its 2019 levels, a significant recovery favored by the reopening of Asian markets, as highlighted by the United Nations World Tourism Organization (UNWTO). The Middle East led the way, surpassing pre-pandemic levels by around 20%, with Europe, the Americas, and Africa following close behind at approximately 90% of their […]