Venezuela’s most significant natural resources are petroleum and natural gas, iron ore, gold, and other minerals. It also has large areas of arable land and water.
The recovery of oil prices after 2001 boosted the Venezuelan economy and facilitated social spending. With social programs such as the Bolivarian Missions, Venezuela initially made progress in social development in the 2000s, particularly in areas such as health, education, and poverty. Many of the social policies pursued by Chávez and his administration were jump-started by the Millennium Development Goals, eight goals that Venezuela and 188 other nations agreed to in September 2000. The sustainability of the Bolivarian Missions has been questioned due to the Bolivarian state’s overspending on public works and because the Chávez government did not save funds for future economic hardships like other OPEC nations; with economic issues and poverty rising as a result of their policies in the 2010s. In 2003 the government of Hugo Chávez implemented currency controls after capital flight led to a devaluation of the currency. This led to the development of a parallel market of dollars in the subsequent years. The fallout of the 2008 global financial crisis saw a renewed economic downturn. Despite controversial data shared by the Venezuelan government showing that the country had halved malnutrition following one of the UN’s Millennium Development Goals, shortages of staple goods began to occur in Venezuela and malnutrition began to increase.