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

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?

Accepted Answer

Statement-I is incorrect, but Statement-II is correct

Explanation: Correct Answer: ✅ Option 4 — Statement-I is incorrect, but Statement-II is correct Venezuela continues to face economic and social challenges despite some periods of stabilization. Millions of Venezuelans have migrated abroad due to economic hardship, inflation, and political instability. On the other hand, Venezuela possesses the world’s largest proven oil reserves, yet it has struggled to convert this resource wealth into sustained economic prosperity. ❌ Statement-I is Incorrect: Venezuela has not fully recovered from its economic crisis, and large-scale emigration of its population has been a major consequence of the crisis. ✅ Statement-II is Correct: Venezuela holds the world's largest proven oil reserves, estimated at about 300 billion barrels.

Detailed Explanation:

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