Diversified Development: Making the Most of Natural Resources in Eurasia

Abstract

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Demystifying Dutch Disease

“…29 See, for example, Dell'Ariccia et al (2008) and Kose et al (2006). Also see Chapter 6 of Gill et al (2014) for Eurasia's experience of volatile capital inflows. 30 Resource rich countries that have adopted full dollarization include Ecuador and Timor-Leste.…”

“…The pain of adjustment can be reduced through a set of policy actions aimed at removing such barriers and harnessing an enabling business environment (for more discussion, see Chapter 6 in Gill et al, 2014). Steps to remove supply-side bottleneckslabor market rigidities, poor access to finance, complex administrative procedures for business start-ups, cumbersome business licensing requirements, just to name a fewcan improve the economy's flexibility and help facilitate supply response to increased demand, thereby speeding up the adjustment process.…”

Zambia Economic Brief, No. 12, July 2019

“…As an example, the United Arab Emirates has used oil rents for public investments in infrastructure and its human capital, putting it in the high human development category. Botswana has also managed its diamond wealth capably, as evidenced through improved education and health 26 . Thus, the trajectory from low-income to middle-income often starts with an abundance of natural capital and then using it to invest in education and health (human capital).…”

What Uzbekistan Tells Us About Industrial Policy that We Did Not Know?

“…Not all the countries that try to promote such exports succeed, but those that do not try, virtually never engineer growth miracles. 2 It should be noted though that there is an opposite view -for instance, in the recent paper from the World Bank (Gill, Izvorski, van Eeghen & De Rosa, 2014). It concludes that it is not clear whether diversifying exports and production is necessary for development and that governments need worry less about the composition of exports and the profile of production and more about national asset portfolios-the blend of natural resources, built capital, and economic institutions.…”