Cutting through grease in the oil sector
How institutional capacity building and transparency can mitigate the “resource curse”
With the prices of oil and minerals at historically high levels, resource-rich countries in the developing world are at an important crossroads: will abundant natural resources translate to development for the broader population, or will they be squandered for the benefit of a select few?
In many of these emerging markets, a “resource curse” has manifested, where stagnant growth, weak public governance and poverty continue to plague civilian life, despite an abundance of natural wealth.
In Cutting through grease in the oil sector: How capacity and transparency can combat the resource curse, Deloitte analyzes this phenomenon and proposes mitigating measures for governments to reduce the risks inherent in resource development and better harness extractive industries for poverty alleviating growth.