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Juan Vicente Gomez takes power
Dictator Juan Vicente Gomez arrives to power, and during his tenure he found a natural resource much more valuable than gold, oil. He made a fatal mistake, basing the Venezuelan economy entirely on oil, neglecting other sectors such as agriculture. -
Period: to
Venezuela becomes the number one oil exporter
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the Coronel Marcos Perez Jimenez is overthrown from power
After this, all the leaders of Venezuela would be chosen through elections. Thanks to oil, Venezuela's infrastructure began to improve, but nevertheless there was enormous social inequality for a large part of the population. -
Oil Crisis
The oil crisis rises the petroleum prices, directly improving Venezuela's economy -
After the price of oil drops, Venezuela will be forced to borrow to finance itself.
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a 15 year civil war ended
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Lebanon becomed dependent on remittances, banking and tourism
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Hugo Chavez's failed coup
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Hugo Chavez wins the 1998 elections
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Lebanon started to have a huge trade deficit importing 80% of their goods.
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Hugo Chavez is reelected in 2002
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Hugo Chavez is reelected for the third time in 2007
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political instability across the Middle East and the Arab world
this has a major effect in decreasing remittances, banking and tourism. -
Hugo Chavez is reelected for the fourth time in 2012
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Hugo Chavez dies and the elections are retaken
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Nicolas Maduro is elected
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Period: to
Venezuela collapsed in an humanitarian crisis
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Price of petroleum collapses
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mass protests erupted
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explosion at the port of Beirut
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Period: to
Lebanon's Economy collapsed
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Covid 19 Pandemic started complicating things much more