UPSC Prelims 2024 · Question 47 of 97

UPSC Prelims 2024 question on Venezuela Economic Recovery

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?

  1. Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
  2. Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
  3. Statement-I is correct, but Statement-II is incorrect
  4. Statement-I is incorrect, but Statement-II is correct
Show answer

Answer: D. Statement-I is incorrect, but Statement-II is correct

Verdict

Correct answer: Statement I is incorrect, but Statement II is correct → Option (d).

Statement by statement

Statement I – INCORRECT: With an exodus of more than 7.72 million people since 2014, the refugee crisis in Venezuela is the largest displacement crisis in Latin America and one of the largest in the world. Venezuela has not achieved rapid recovery. Hence statement I is not correct.

Statement II – CORRECT: Venezuela has the world's largest proven crude oil reserves accounting for approximately 17% of global reserves. Despite the sizeable reserves, Venezuela produced only 0.8% of total global crude oil in 2023. Hence statement II is correct.

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