Question

Many Middle Eastern countries are dependent on oil for income. Why is this a problem? What is a possible solution?

Answer 1

Answer:

In the Middle East, an unequal access to natural resources has led to conflict between countries. As the two most important resources in the region, water and oil have caused such conflicts. Oil is the most abundant resource in the Middle East, and many countries' economies are dependent on it.

Explanation:

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Answer 2

Answer:

Being dependent on a single resource is a big problem because if the demand for it goes down it will destroy the economy. A possible solution is that the countries develop other industries over time so that they can sustain themselves even if the oil is not in demand anymore.

Explanation:

Most of the countries in the Middle East have economies that are based on oil and the primary reason as to why this is the case is that this is the most abundant resource, but also a resource that is in high demand in the world. This has contributed to rapid economic growth and development in the countries of this region, but not everything is so rosy.

Being fully dependent on a single product is very dangerous. Even slight oscillations in the price or decrease in demand can have catastrophic economic consequences. When taken into account that a lot of countries around the world are trying to gradually eliminate the use of fossil fuels and replace them, it gives a sign that in the near future the demand will go down. Even if the demand doesn't go down the reserves are limited.

The best way to counter this and make sure the economy doesn't collapse when some of those things happen is to develop other industries. Considering how the geography of the region is and that there aren't many natural resources, the best way would be to develop the service industries, such as the banking and tourism.