Resource-Driven Countries Could Lift 540 Million From Poverty

Resource-driven countries can lift 540 million people out of poverty by effective development and use of reserves, points out McKinsey.

The McKinsey Global Institute, the business and economics research arm of McKinsey & Company in its recent report titled “Reverse the curse: Maximizing the potential of resource-driven economies” points out that many resource-driven countries have failed to convert their resource endowments into long-term prosperity.

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Opportunity for resource-driven countries

The report defines ‘resource-driven countries’ as those economies where the oil, gas, and mineral sectors play a dominant role, using three criteria: (a) resources account for more than 20% of exports, (b) resources generate over 20% of fiscal revenue or (c) resource rents are over 10% of...