Page "Economy of Venezuela" Paragraph 6

During Pérez Jimenez ' dictatorship from 1952 to 1958, Venezuela enjoyed remarkably high GDP growth, so that in the late 1950s Venezuela's real GDP per capita almost reached West Germany's.

On 1950, Venezuela was the world's 4th largest wealthiest nation per capita However, from 1958 / 1959 onward, Romulo Betancourt ( president from 1959 to 1964 ) inherited an enormous internal and external debt caused by rampant public spending during the dictatorship.

Nevertheless, he managed to balance Venezuela's public budget and initiate an unsuccessful agrarian reform.