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Venezuela is located on the northern coast of South America. The world's largest oil reserves were discovered in the early 20th century.
The recovery of oil prices in the early 2000s gave Venezuela an economic boost. The government of Hugo Chavez in Caracas then established populist policies that initially boosted the economy and increased social spending, significantly reducing economic inequality and poverty. These policies later became controversial since they destabilized the nation's economy, resulting in hyperinflation, an economic depression and a drastic increase in poverty. Here you can find an automatic compilation of all DW content on Venezuela.