Terms Beginning With 'r'

Resource Curse

  • January 17, 2020
  • Team Kalkine

Resource Curse is typically defined as a situation in which a particular resource-rich country overuses its resources by neglecting other major sectors and enters into a phase of economic contraction or stagnancy. As a result of the resource curse, a country with one-rich resource becomes dependable in commodity prices and its GDP fluctuates extensively. Venezuela remains a classic example of resource curse with highly volatile inflation and GDP despite ample oil resources.

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