Economics
The Resource Curse and Dutch Disease in Commodity Economies
Quick fact
Countries whose exports are dominated by oil or minerals have historically grown more slowly than resource-poor countries. For example, from 1965 to 1998, OPEC countries saw their GDP per capita grow by only 1.3% per year, while the rest of the developing world grew by 2.6% annually.
Why this is interesting
We often assume that striking oil or discovering rare minerals makes a country rich. But some of the world's most resource-rich nations are poorer than countries with far fewer natural gifts. How can treasure turn into a trap?