Natural resources—such as fossil fuels, water, and minerals—are materials found in the environment that are essential for life and highly utilized in production. Though these resources are viewed as essential to economic development and wealth, many resource-rich countries have paradoxically struggled with limited economic growth and unstable political institutions. This phenomenon, known as the “resource curse,” challenges the notion that resource abundance automatically translates into economic prosperity and raises the question of how these regions fall into this trap while other less resource-rich countries manage to leverage their resources for sustainable development.
The ‘resource curse’: Why natural resource abundance can be a double-edged sword
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