Using Natural Resources for Development: Why Has it Proven so Difficult?

  title={Using Natural Resources for Development: Why Has it Proven so Difficult?},
  author={Anthony J. Venables},
  journal={CEPR Discussion Paper Series},
  • A. Venables
  • Published 1 January 2016
  • Economics
  • CEPR Discussion Paper Series
Developing economies have found it hard to use natural resource wealth to improve their economic performance. Utilising resource endowments is a multi-stage economic and political problem that requires private investment to discover and extract the resource, fiscal regimes to capture revenue, judicious spending and investment decisions, and policies to manage volatility and mitigate adverse impacts on the rest of the economy. Experience is mixed, with some successes (such as Botswana and… 
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