Despite its size, the city-state of Hong Kong has a larger GDP than the country of Venezuela. In point of fact, Hong Kong's Gross Domestic Product is far higher than that of Venezuela. This is due to the fact that Hong Kong is a central location for international business and finance and is home to a large number of multinational firms.
On the other side, Venezuela is a country that is flush with oil resources but has been plagued by economic mismanagement and corruption.Throughout its entire existence, Hong Kong has been known as an affluent place. Over the course of its more than 150 years as a British colony, it developed into a significant financial and commercial center.
Hong Kong has maintained its prosperous status despite having been returned to Chinese sovereignty in 1997. Businesses from all over the world have located their operations in the city as a result of its low tax rates and free market economy.On the other hand, Venezuela has a protracted history of enduring economic difficulties.
Because the economy of the country is so highly dependent on oil exports, it suffered a significant setback in 2014 when the price of oil fell dramatically. In addition, the administration has been accused of poor management of the economy, and in recent years there has been an uptick in the number of demonstrations directed against the government.Therefore, despite the fact that Hong Kong is a relatively tiny city, its economy is significantly larger and more flourishing than that of Venezuela.
This is the result of a confluence of historical influences and the state of the economy at the present time.