Fear is powerful. Especially when it comes to the economic forces in the world and tied to our quality of life. This basic concept is pertinent to not only those in first world countries, but maybe even more so to people in developing nations. When the crash of 2008 happened on Wall Street, people reacted with fear. Fear of the crash happening again, and that sentiment drove politicians to implement changes so that they could try to contain the next market downturn.
Developing nations are no different. Their economies fluctuate through peaks and lows, and their citizenry and political elite operate similarly with varying degrees and spit out the same patented responses to the threat of instability. So much so that when the price of oil dropped in the 1980s, plummeting Saudi Arabia’s GDP over 20%, the kingdom began taking measures to ensure their over-reliance on oil couldn’t drain their economy again.