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Resource Curse
“Almost without exception, the resource-abundant
countries have stagnated in economic growth since
the early 1970s, inspiring the term, ‘curse of natural
resources’. Empirical studies have shown that this
curse is a reasonably solid fact…..Except for the
direct contribution of the natural resource sector
itself, …natural resource abundant countries
systematically failed to achieve strong export led
growth or other kinds of growth”
- Sachs and Warner, European Economic Rev.,
45, 827-838 (2001)