1960s Venezuelan economy

The 1960s Venezuelan economy was largely driven by the rise of oil production, transforming the country from an agricultural society into one relying heavily on petroleum exports. Oil revenues boosted government income, leading to increased public spending and development projects. While this growth created opportunities, it also made the economy vulnerable to fluctuations in oil prices. Efforts to diversify were limited initially, but the decade laid the foundation for Venezuela’s dependence on oil that would persist in later years. Overall, the 1960s marked a period of rapid economic change fueled by resource wealth and modernization initiatives.