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Resilience through mineral resource development, oil, and natural resource efficiency: Strengthening economies

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  • Jia, Miaoyin
  • Lu, Gan
  • Yan, Youliang
  • Nazir, Sidra

Abstract

This study examines the role of resilience in bolstering economies via the development of mineral resources and oil, alongside adaptability and natural resource efficiency, particularly within the G7 economies from 1995 to 2022. Employing the Generalized Method of Moments (GMM) model, the research aims to unravel the complexities of how resource-rich economies can leverage their natural assets to enhance economic resilience and sustainability. The investigation reveals a positive correlation between the strategic development of mineral resources, oil, and the adaptability of economies to external shocks, highlighting the critical importance of natural resource efficiency in ensuring long-term economic stability and growth. These findings underscore the necessity for G7 nations to implement policies that not only foster the responsible exploitation and development of natural resources but also promote adaptability and efficiency in resource use. The study's policy implication suggests a paradigm shift towards more sustainable and resilient economic models, emphasizing the balanced integration of resource development and environmental stewardship.

Suggested Citation

  • Jia, Miaoyin & Lu, Gan & Yan, Youliang & Nazir, Sidra, 2024. "Resilience through mineral resource development, oil, and natural resource efficiency: Strengthening economies," Resources Policy, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:jrpoli:v:91:y:2024:i:c:s030142072400309x
    DOI: 10.1016/j.resourpol.2024.104942
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