ECONOMIC GROWTH: EFFICIENCY AND RESERVES
FSBEI HPE USPTU
Khisamutdinov I. A.
FSBEI HPE USPTU
Is a high-quality economic growth at high availability of natural resources? Existing empirical studies demonstrate a relationship between the effective growth and endowed in natural resources. However, the nature of this interdependence is a matter of debate economists and politicians. Most existing research has established a statistical link between high endowed natural resources and poor quality of economic growth. Thus, an interesting question is what the transmission mechanism between these two variables? There are a number of models and factors identified in the economic literature: Dutch disease, high rents, democracy and the quality of institutions. The article discusses the problem of improving the quality of economic growth in oil-producing countries for example OPEC. In these countries, the presence of oil is a major competitive advantage from the beginning of the 1970s. According to available estimates, OPEC countries account for over 80% of proven oil reserves in the world. Author shows the main macroeconomic indicators for some developed countries and major oil-exporting countries, showing the distribution of countries according to real GDP growth. The analysis revealed that the majority of countries in OPEC are the poorest with the poor quality of life. But still it is shown that among the states with high oil resources have endowed the country had reached a high level of development, thanks to the quality of the institutional environment, receptivity to innovation, high performance product market, the fight against corruption. The most effective national economies in the region are the economy following countries: Qatar, United Arab Emirates, Saudi Arabia. Given countries have managed to sustain high, quality GDP growth over a long period.
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economic growth; OPEC; resources; the oil market; ресурсы; рынок нефти; страны ОПЕК; экономический рост DOI 10.17122/ogbus-2014-3-342-358 References to this article (GOST) Vasileva J.P., Khisamutdinov I. A. ECONOMIC GROWTH: EFFICIENCY AND RESERVES // Electronic scientific journal "Oil and Gas Business". 2014. №3. P.342-358. URL: http://ogbus.ru/issues/3_2014/ogbus_3_2014_p342-358_VasilevaJP_ru.pdf