Natural Resource Abundance: Obstacle to Development or Harnessing Wealth for Development?

Countries endowed with natural resources should be better of and grow faster than countries without valuable natural capital. However, the reverse is often the case; moreover, some countries with abundant natural resources are marked by more poverty, more inequality and more conflict than others less well-endowed.

This meeting attempts to develop an understanding of the seemingly paradoxical relationship between natural resources abundance and poor development outcomes including the alleged 'commodity curse' and the incidence of 'Dutch Disease'.

It examines two key areas of concern: the politicisation of the wealth associated with natural resources in the forestry and fishery sectors; and the impact of weak governance on illegal activity that is robbing some of the poorest countries in the world of much-needed revenue. Revenue losses due to illegal activities in the forestry and fishery sectors are estimated at US$15 billion and 9 billion respectively, exceeding the World Bank's lending to affected countries.