Oil is been considerd as an black gold and this black gold can give an huge boost to any economy. So how did a country with the worlds largest known oil reservers has fallen? I had talked about this.
The main problem from my point of view is Venezuela’s economy which started to depend upon oil export, and that began to create problems for them as oil prices began falling in 2014.
The GDP growth of the Australian economy in 2018 was declining consciously, but the main argument in this at how much? official statement of the Government of Australia noted that growth rate is about 2.9%.