IMO that only works when it's coupled with progress in governance. Compare Venezuela to India over the last 30 years, and extrapolate into the near future what will happen there.

Edit: Just to anticipate the obligatory "Venezuala communist -> bad outcome" comment: Yes, but why are they communist?

>Compare Venezuela to India over the last 30 years, and extrapolate into the near future what will happen there.

Compare how? What do you mean will happen?

> What do you mean will happen?

Even in its deepest crises, India's army did not play kingmaker. Furthermore, India's federated structure–while annoying to reformers–checks the power of aspiring dictators. Every uneducated population, it seems, elects populists from time to time. The damage they can do in India appears to be more limited than the damage done to Venezuela by Chavez and Maduro. Venezuela will probably be an impoverished nation for decades; India has a chance of becoming a middle-income or even developed country by 2050.

I recommend to look at the following:

https://www.npr.org/templates/transcript/transcript.php?stor...

https://www.gapminder.org/tools/#$state$time$value=2018;&mar...

And industrial policy, which has transformed East Asia and created a second First World.

Or, you know, public education and health programs, and improved local governance.

Or maybe you can't understand the world with a few simple abstract high level concepts.....