The Role of Natural Resources in the Economic Growth of the Country

Анотація

Annotation. Introduction. The active development of the natural resources has raised to a number of scientific discussions on the benefits of the resource wealth for resource-dependent economies. The theory of the impact of natural resources on economic growth was called the "resource curse" or "surplus paradox". The essence is that the countries are rich in natural resources were showed lower rates of economic growth than their neighbors. There is still no unequivocal opinion about the "resource curse". Purpose. The purpose of the article is the determination of the degree of the influence of natural resources on the economic growth of the country and the justification of the "resource curse” existence. Results. It has been determined that in the scientific literature there are three approaches to determining of the impact of natural resources on economic growth. The first group of researchers avers that there is a correlation between surplus natural resources and economic growth. The second group of scientists talks about the inverse relationship between the excess of the natural resources and the economic growth. The third group of scientists believes that the surplus of natural resources is a source of political conflict in the rentier-countries. The impact of oil prices on GDP growth has been explored in the article. The macro indicators which influenced by the gas price in Ukraine have been determined. Econometric models to identify the impact of oil and gas prices on GDP growth were built in the article. Conclusions. It has been concluded that there is no phenomenon of the resource curse in Ukraine, Saudi Arabia and Russia. It has been revealed that the presence of surplus natural resources affects the economic growth of the country, but the direction of this impact is not an objective pattern.

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