Oil price volatility and economic growth

Oil price volatility has been the subject of extensive academic and governmental discussion because of its far-reaching economic consequences. The economic growth of almost all oil-exporting countries reveals a counter-intuitive phenomenon: their natural wealth limits their growth opportunities; empirical evidence has concluded that the abundance of natural resources affects economic growth negatively; and that the natural resource curse is characterized by flawed fiscal policy; poor institutional quality; underdeveloped financial system; lack of formulation of human capital and lack of economic diversification and despite this we should not conclude that all resource-rich countries are cursed.