‘Resource Curse’ in the Oil-Wealth Countries: Lessons from South Sudan, Venezuela, and Indonesia

Mar 12, 2025 | Lengga Pradipta
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Countries with abundant natural resources, including fossil fuels, typically experience economic prosperity. For decades, many economists have claimed that resource richness significantly impacts economic development; yet, there is considerable evidence that those without typically outperform those with a lot of natural resources. In certain countries in Africa, South America, and Asia with abundant resources, people are nonetheless labelled as poor. They can be categorized as poor since they continue to live on less than $2.15 each day. South Sudan, Venezuela, and Indonesia, for example, produce resources such as mining, oil, and gas, but they are often impoverished.