Resource-rich nations may rely too heavily on resource exports, neglecting other sectors. This overdependence causes corruption, poor planning and conflict, leading to weak institutions and slower economic growth despite natural wealth.
Class 8 Social Science Exploring Society: India and Beyond Part 1 Solution
Class 8 Social Science Textbook Chapter 1 Natural Resources and Their Use Question Answer
Countries rich in resources often focus only on mining or oil exports, ignoring education, agriculture, or industry. This lack of diversification weakens the economy. Easy wealth leads to mismanagement, corruption and inequality. Also, resource control can spark internal conflict. As a result, even with rich natural assets, such countries grow slowly. Balanced development and strong institutions are essential to avoid this trap.
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