what kind of economic system does madagascar have
Economy of Madagascar The economy of Madagascar is a market economy and is supported by Madagascar's well-established agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee. Madagascar's wealth of natural resources supports its sizable mining industry. Additionally, Madagascar's status as a developing nation exempts Malagasy exports from customs protocol in some areas, notably the United States and European Union. These exemptions have supported the growth of the Malagasy textile industry. Despite Madagascar's natural resources and developing industries, the 2009 Malagasy political crisis—considered by the international community to be an illegal coup[3]—deterred foreign investments in Madagascar and caused the Malagasy economy to decline.[4] Foreign investments have resumed following the resumption of elections in early 2014.[citation needed]
Economy of Venezuela The economy of Venezuela is largely based on the petroleum sector and manufacturing.[17] In 2014, total trade amounted to 48.1% of the country's GDP. Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports.[18] Venezuela is the sixth largest member of OPEC by oil production. Since the 1920s, Venezuela has been a rentier state, offering oil as its main export.[19] From the 1950s to the early 1980s, the Venezuelan economy experienced a steady growth that attracted many immigrants, with the nation enjoying the highest standard of living in Latin America. During the collapse of oil prices in the 1980s, the economy contracted the monetary sign, commenced a progressive devaluation and inflation skyrocketed to reach peaks of 84% in 1989 and 99% in 1996, three years prior to Hugo Chávez taking office. The nation, however, has experienced hyperinflation since 2015 far exceeding the oil price collapse of the 1990s.