Will Venezuela's resource sector bounce back? Columbia economist Luisa Palacios lays out the reality check: the nation's oil, gas, and mining could drive a genuine rebound—but that's a massive "if."

Here's what needs to happen: strong governance, rule of law, substantial private investment, and serious institutional reform. Without these? Output hits a ceiling, crime takes over, and recovery stays off the table.

Basically—resources alone don't move the needle. Systems do.