- It leads to an increase in prices of imports and other locally manufactured goods.
- Third world countries spend huge sums of money on importation of crude oil
- Affects balance of trade since earnings from exports will be lower than imports.
- Results into inflation since the government passes the costs to consumers
- Oil crisis lowers GDP of third world countries since there will be more expenditure than investments
- It causes recession making an economy unable to create more jobs
- Causes a rise in living standards of people
- Increase production costs in other industries
sharon kalunda answered the question on April 23, 2019 at 05:35
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