Professor Krstić: Venezuela's Earthquake Exposed Fragile Economy

The recent earthquake in Venezuela has starkly exposed the fragility of its economy, according to Zoran Krstić, a professor at the Faculty of Political Science in Belgrade. He noted that the disaster struck a nation already grappling with severe economic challenges for years.

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The earthquake that hit Venezuela showed how fragile that country's economy truly is.

Krstić recalled Venezuela's past as the most developed economy in Latin America, largely attributed to its vast oil reserves. However, the country has since endured a prolonged period of economic decline. Despite a partial recovery in oil production, persistent issues of poverty, extensive migration, and high inflation continue to plague the nation.

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The economic situation is extremely complex. Venezuela was once the most developed economy in the Latin American region precisely because of those huge oil reserves.

He further observed that while there have been changes in leadership, the fundamental political order and system have remained largely untouched. The state apparatus, military, and security services are described as remaining intact. Simultaneously, the opposition has not assumed power, and deep societal divisions persist within Venezuela.

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The state apparatus remained untouched.

Speaking on the broader Latin American region, Krstić highlighted a prevailing desire among most nations to avoid choosing between the United States and China, opting instead for a pragmatic approach. He also noted the European Union's efforts to increase its presence in the region, where competition between the U.S. and China is evident, with the EU pursuing its own interests.

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They do not want to choose, they have that pragmatic approach.