Reducing resource dependence: What can Asia-Pacific resource rich countries do?
No PB30, MPDD Policy Briefs from United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)
Many Asia-Pacific economies are excessively reliant on certain commodities for growth, fiscal revenues and foreign exchange earnings. In more than a dozen countries, commodity exports account for more than 10 per cent of the GDP. The current decline in a host of commodity prices has exposed this vulnerability. In general, over the last 25 years, the total natural resources rent, which is defined as the difference between the commodity price and its average production cost, increased significantly in several economies with an average increase of 8.5% in terms of percentage change. With diverse income and population levels, growth and macroeconomic stability in these countries are highly vulnerable to changes in commodity prices.
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