Oil boom

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An oil boom is a boom in the oil producing sector of an economy. Generally, this short period initially brings economic benefits, in term of increased GDP growth, but might later lead to a resource curse.

Consequences[edit]

According to the Dutch disease theory, the sudden discovery of oil may cause a decline in the manufacturing sector. The consequences will vary from country to country, depending on the country's economic structure and stage of development.[1] For example, after the oil boom in Gabon, the country showed symptoms of the Dutch disease,[2] while oil-producing Equatorial Guinea did not.[1]

History[edit]

Some important oil booms around the world include:

References[edit]