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New oil discoveries in Guyana since 2015: Resource curse or resource blessing

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  • McDonald, Lewis
  • Üngör, Murat

Abstract

In May 2015, ExxonMobil announced the discovery of significant amounts of oil offshore Guyana. It has been argued that these new oil discoveries could boost Guyana's gross domestic product significantly. However, the discovery is not exclusively positive news – it demands some caution. We apply a contemporary understanding of oil curse effects to economic and political facets of Guyana and establish a set of conditions through which Guyana will be able to realise the potential of its resource wealth. Among these conditions are the development of women's involvement in the economy and in politics; and that oil wealth is properly reinvested and competitivity in other export sectors is maintained.

Suggested Citation

  • McDonald, Lewis & Üngör, Murat, 2021. "New oil discoveries in Guyana since 2015: Resource curse or resource blessing," Resources Policy, Elsevier, vol. 74(C).
    • Handle: RePEc:eee:jrpoli:v:74:y:2021:i:c:s030142072100372x
    DOI: 10.1016/j.resourpol.2021.102363
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    Cited by:

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    More about this item

    Keywords

    Guyana; Oil boom; Oil curse; Female employment; Hartwick rule;
    All these keywords.

    JEL classification:

    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
    • Q34 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Natural Resources and Domestic and International Conflicts

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