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

Lewis McDonald and Murat Üngör

Resources Policy, 2021, vol. 74, issue C

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.

Keywords: Guyana; Oil boom; Oil curse; Female employment; Hartwick rule (search for similar items in EconPapers)
JEL-codes: O54 Q32 Q33 Q34 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:74:y:2021:i:c:s030142072100372x

DOI: 10.1016/j.resourpol.2021.102363

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