Consider the following statements: Statement-I: Recently, Venezuela has achieved a rapid recovery from its economic crisis and succeeded in preventing its people from fleeing/emigrating to other countries. Statement-II: Venezuela has the world's largest o

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Q: 36 (IAS/2024)
Consider the following statements:
Statement-I: Recently, Venezuela has achieved a rapid recovery from its economic crisis and succeeded in preventing its people from fleeing/emigrating to other countries.
Statement-II: Venezuela has the world's largest oil reserves.
Which one of the following is correct in respect of the above statements?

question_subject: 

Economics

question_exam: 

IAS

Statement-I is incorrect. Although Venezuela's economy showed some growth in 2023, it has not fully recovered from its economic crisis, and the migration of Venezuelans continues, with millions having left the country in recent years. Statement-II is correct. Venezuela has the world's largest proven crude oil reserves, with approximately 303 billion barrels, accounting for a significant portion of global reserves. Therefore, the correct option is 4: Statement-I is incorrect, but Statement-II is correct.