Top 5 Oil-Dependent Economies in the World |
Posted: November 13, 2018 |
In recent years, the price of oil has been decreased significantly. As a result, some countries that are highly dependent on oil suffer a lot. The main reason for their suffering is that they have no other industries except the oil industry that can support them anyway. Do you know what those countries are? If no, then you are in the right place. In this article, I am going to tell you about top 5 oil-dependent economies in the world that are greatly suffering due to the oil curse. Here we go.
Saudi Arabia Saudi Arabia is called the largest oil-based economy in the world. No other countries in the world mine as much oil as Saudi Arabia do and no other countries in the world export as much oil as Saudi Arabia do. So it can easily imagine that how much dependent they are one oil. However, the good news is that the Saudi government has taken a vision to reduce the dependency on the oil. Maybe they have understood that if they depend totally on the oil, they will face some serious problem. The vision name is ‘vision 2030’.
Libya Libya is a single industry economy country. 65% GDP and 95% government revenue come from the oil industry. Not only that, most of the work of the workers of Libya highly depend on the oil industry. This high dependency makes them suffer more and more and if the oil curse cannot be removed then this country will be doomed very soon.
Angola 50% of the total GDP and more than 70% of the total government revenue come from the oil industry in Angola. Their economy totally depends on mining. However, due to the oil curse, the country and the country economy are suffering so much.
Venezuela Venezuela is another oil-dependent country. Around 96% of the export revenue comes from the oil accounts. And still, they have a large amount of oil reserved for future. Unfortunately, they are not taking any major steps to reduce the dependency on the oil so that they can face the oil curse.
Gabon Another oil-dependent country and this one is the last one on our list. Gabon is one of the top 5 oil miners in sub-Sahara Africa. But the sad thing is that there reserved oil starts declining. Analytics tell that the output of oil mining is started declining near 20 years ago and the current situation is not so good. And the oil curse is affecting the country so much.
Final verdict No country should depend on only one economy. If they do, it can cost a lot if there is any problem regarding the economy. I have mentioned the name of some oil-dependent countries and if you want to know more and know in details then you should visit investferry.com. Here you will find complete details about the countries that are dependent on oil very much.
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