Our (Viewers Corner News) correspondent in Caracas (Venezuela) informed us that the country is passing through a very hard time as we speak. Even the citizens of the country can no longer afford their basic needs to keep life going, this is terrible and pitiful. In the past, the former president (late Hugo Chavez) was subsidizing for lots of products (basic food items) when he was alive as the president of the country (Venezuela) so the impact was not felt then and as at that time, the price of petroleum products were still not too bad like it is at the moment. Venezuela as an oil producing nation which rely solely on oil to make her budget is now facing difficult situation and what is happening in Venezuela is also happening in some third world oil producing countries but not so extreme like Venezuela.
We (Viewers Corner News) believe that poor economic planning and corruption is responsible for that. Why a country like Venezuela rich in natural resources has not been able to adjust to suit the present economic situation of the country and during the days of glory in Venezuela, the leaders failed completely to adopt real economic reforms, they based all their hope only on oil. There is nothing in this world that will last forever therefore we are appealing to other countries around the world most especially the third world oil producing countries to learn from what is happening in Venezuela now and start carrying out real economic reforms. They should exploit other areas of interests that may be viable and invest more on them. We (Viewers Corner News) have written articles on this topic in the past and now we are reminding the third world countries to do the right thing before it is too late, less dependent on oil to plan and execute projects would do most oil producing nations of the world a whole lot of good.
Source: Viewers Corner News.