From McKinsey Global Insight:
Rising resource prices and expanded production have raised the number of
countries where the resource sector represents a major share of the
economy, from 58 in 1995 to 81 in 2011. That number will rise: to meet
soaring demand for resources and replace rapidly depleting supply, the
world should invest a total of up to $17 trillion in oil and gas and in
minerals by 2030, double the historical rate. In 20 years, almost half
of the world’s countries could depend on their resource endowments for
growth.
Economies with natural-resource endowments have a huge opportunity to
transform their prospects. But history suggests that they could all too
easily squander the windfall.
To date, resource-driven countries have tended to underperform those
without significant resources: almost 80 percent of the former have a
per-capita income below the global average. Since 1995, more than half
of these countries have failed to match the average growth rate of all
countries. Only one-third have maintained growth beyond the resource
boom. Recent McKinsey research lays out a new model that could help
countries capture the coming resource windfall....MUCH MORE, including downloads.
HT:
MacroBusiness
