Export values and took erroneous decisions such as

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export values and took erroneous decisions such as replacing experts by his own people that siphoned the funds for their own benefits. When the oil price came down, then earning of the government from the export of oil, also came. 5. Number of private firms got reduced in Venezuela. According to one estimate there were total 14, 000 private firms in Venezuela in 1999which were reduced to the 9,000 in 2011. Fall in investment by the private firms led to the fall in growth rate of country.Government must reduce its role in economic activities where private sector can deliver an efficient outcome. Government must assure to MNCs that no further nationalisation shall be carried out, if resorted, then ample compensation shall be given. Government must clearly define its rules and regulations 6. The first thing that should be done in order to prevent Venezuela’s economic collapse is to reverse Chavez’s policies. 17 years of oil dependence and the excessive spending only on social programs has to stop. The current President Nicolas Maduro is only making things worse by following the previous policies. Money needs to be flowing into the economy.
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