many Middle Eastern countries are dependent on oil for income why is this a problem?what is a possible solution? your answer should be written in four or more complete sentences.

Being reliant on just one thing to drive the economy is a problem because even minor changes can lead to serious problems, so a solution is to develop other business sectors on time.

Explanation:

Most of the countries in the Middle East have their economies almost exclusively reliant on just one thing, that being the oil. They do possess some of the largest oil reserves in the world, but even though everything is going great with the trade of it for now and obtaining enormous amounts of money, that can easily change.

Being reliant on just one industry that is dependent on a single natural resource is a huge risk. If there are just slight changes in the price or demand goes down the economy immediately suffers badly. With the trend of the developed countries to gradually move away from fossil fuels, the Middle Eastern countries may soon face a huge economic problem. In order to try and prevent such a scenario, they can simply start to develop other business sectors, high profile ones that bring in lots of money, such as banking and tourism, so when the time comes that the oil is not so popular anymore, they will have other sectors that will drive their economy.

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