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

Question

This question was previously asked in

UPSC CSE Prelims 2024: General Studies Official Paper

Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
Statement-I is correct, but Statement-II is incorrect
Statement-I is incorrect, but Statement-II is correct

Answer 1

The correct answer is Option 4.

Key Points

Venezuela has been experiencing a significant economic crisis characterized by hyperinflation, shortages of basic goods, and political turmoil.
These conditions have led to a large-scale humanitarian crisis and mass emigration.
Venezuela has not demonstrated a rapid recovery from its economic crisis, and its emigration issues remain acute. Hence Statement I is incorrect.
Venezuela is recognized as having the world’s largest proven oil reserves, surpassing those of other countries, including Saudi Arabia.
This is a significant aspect of its national identity and economy, although the benefits of these reserves have been hampered by political and economic challenges. Hence Statement II is correct.