Question

PLEASE HELP How would the economies of Saudi Arabia and Iraq be affected if people in other countries stopped using as much oil as they do today?

Answer 1

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Step-by-step explanation:

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Answer 2

Consumption of oil would negatively affect Saudi Arabia's and Iraq's economy.

Currently, Oil make up around 40% of Saudi Arabia's Gross Domestic Product, and around 60% of Iraq's Gross domestic product. This means that both of these countries are heavily depended on oil for their national income.

If other countries stopped using as much oil as they do, a lot of oil companies in both of these countries would be forced to cut down the total amount of their workers.

This would lead to an increase in Unemployment and a decrease in average disposable income for the citizen.