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CHAPTER 8: ECONOMIC CRISIS - Coggle Diagram
CHAPTER 8: ECONOMIC CRISIS
Early Commodity Crisis (1956-1972):
CAUSES:
Global Oversupply
Reduced Demand
Technological Changes
IMPACTS
Economic Decline
Revenue Shortfall
Unemployment
Dependency Issues:
SOLUTION
Economic Diversification
Investment in Human Capital
Strategic Resource Management
First Oil Crisis (1973-1974)
CAUSES
Arab-Israeli Conflict
Price Increase
IMPACTS
Energy Shortages
Inflation
Economic Disruption
Foreign Exchange Pressure
SOULTION
Fuel Rationing:
Economic Diversification
Subsidy Reduction
Second Commodity/Oil Crisis (1979-1983)
CAUSES
Iranian Revolution
Iran-Iraq War
OPEC Price Controls
EFFECTS
Trade Imbalances
Energy Shortages
Economic Adjustments
SOULTIONS
Economic Diversification
Domestic Oil Exploration
Conservation and Efficiency:
Development Plans
Electronic/Third Commodity Crisis (1985-1986)
CAUSES
Oversupply
Demand Decline
Technological Advances
EFFECTS
Export Slump
Manufacturing Slowdown
Unemployment
Economic Growth
SOLUTIONS
Economic Diversification
Investment in Technology
Attracting Foreign Investment
Training and Education
Financial/Currency Crisis (1997-1998)
CAUSES
Currency Depreciation
High Foreign Debt
Weak Financial Systems
EFFECTS
Currency Depreciation
Banking and Financial Sector Stress
Capital Flight
Economic Contraction
SOLUTIONS
Capital Controls
Banking and Financial Sector Reforms
Fiscal Stimulus
Economic Diversification
Financial/currency crisis (1997-1998)
EFFECTS
Export Decline
Foreign Direct Investment (FDI)
Capital Outflows
Stock Market Decline
SOLUTIONS
Sectoral Support
Monetary Measures
Fiscal Stimulus
Covid-19 Pandemic crisis
EFFECTS
Global Pandemic
Lockdowns and Travel Restrictions
Job Losses and Unemployment
Education Disruptions
SOLUTIONS
Economic Relief Measures
Vaccination Campaigns
Healthcare and Testing