The role of resource wealth in development of economy

Abstract

This article deals with the impact of the resource wealth of the nature of the country’s economic development. Interrelations «wealth of natural resources» and «economic growth», as well as their influence on each other is widely known in economic science. According to research by many economists, the presence of rich natural resources for many countries not turns good and inevitable «curse», which affects the economic progress and development of the country, manifested in the macroeconomic instability and low long-term economic growth. In this paper, the main objective is a clear reflection of the role of natural condition and natural resources in the economy. How territorial features and natural wealth acts as the government instrument in the economic development of the country as a whole?
Key words: natural resource, abundance of natural resources, resource wealth, «resource-abundant» countries, capital, income, raw.