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Q118 (CDS-I/2012) Geography › World Human & Economic Geography › World economic profiles Answer Verified

An African country, Sudan has been broken into two recently with formation of a new country named South Sudan. Economy of South Sudan will depend on its—

Result
Your answer: —  ·  Correct: B
Explanation

South Sudan's economy is overwhelmingly dependent on its mineral resources, specifically petroleum oil. Upon gaining independence in 2011, South Sudan inherited approximately three-quarters of the former unified Sudan's oil reserves. Currently, oil accounts for more than 90% of the government's annual operating budget and nearly all of its exports [1]. While the vast majority of the population (over 80%) is engaged in subsistence agriculture for their livelihoods, this sector remains largely underdeveloped and contributes significantly less to the formal national economy compared to the extractive sector [1]. The country is considered one of the most oil-dependent nations in the world, with 80% of its Gross Domestic Product (GDP) derived from oil production. Consequently, the nation's economic stability and growth are inextricably linked to the management and export of its mineral wealth.

Sources

  1. [1] https://www.worldbank.org/en/news/press-release/2022/06/15/world-bank-report-with-peace-and-accountability-oil-and-agriculture-can-support-early-recovery-in-south-sudan
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