As it was informed by "Market Leader (US)"
Norway: is crude oil good or evil? How to avoid “resource curse”?
Is crude oil good or evil when it comes to a country’s economic potential? In late April the Russian Prime Minister Vladimir Putin made an annual report to the Russian Parliament. Reacting to the global oil boom he said that Russia shouldn’t waste the benefit of growing oil prices. The report raised another wave of discussion in the media about the threat of the so-called “resource curse” (the correlation between a country’s considerable profits from the export of energy sources and its weak economic development, which is expressed in the form of an economic slowdown, a decline in the competitiveness of the other economic sectors, currency devaluation, inflation and unemployment growth). Experts say that there are many countries around the world that haven’t got enough benefits from the export of energy sources.
In the meantime, there are many examples of strong resource-exporting economies: Canada, USA, Australia and Norway.
Norway: a “Northern miracle” through the eyes of statistics