1. Latin America
Venezuela's economy depended greatly on oil exports; nearly 80% of their Gross Domestic Product (GDP) came from oil sales. During the 70's Venezuela enjoyed great profits due to the relatively high oil prices. ... Just as Venezuela with oil, nearly 80% of Mexico's exports went directly to the US. ... The collapse of oil prices in the early 80's caused Venezuela's economy to fall into a deep recession. With the loss of oil as a source of income that government had to rely on its industry. ...
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