Chile’s economy is considered to be one of the strongest in Latin America while Venezuela’s economy is declining. The World Bank ranked Chile as high-income economy while Venezuela is considered to be one of the worst economies. Chile has good economic policies that enabled the growth. Chile’s economy is well-managed while Venezuela’s economic policies were unsound. Venezuela’s resources were mismanaged. The decline of Venezuela’s economy was due to various factors like political instability, food crisis and money devaluation among other.