Economy - Voice of America: Can New Oil States in Africa Avoid the 'Resource Curse?'

Economy - Voice of America economy-and-business

Can New Oil States in Africa Avoid the 'Resource Curse?' Jun 14th 2012, 16:20 NAIROBI - When Equatorial Guinea discovered oil in the 1990s, the country was transformed forever from a sleepy former Spanish colony into an oil state. The country's Gross Domestic Product growth was a staggering 71 percent in 1997, according to the International Monetary Fund, almost entirely on the back of oil revenues.  By 2009, the country was earning more than $8 billion a year from the commodity. But the wealth has only further enriched and entrenched Equatorial ... Media files: 2E5E5AAC-E74D-4389-B75A-B187EC54BA19_cx0_cy9_cw0_w800_r1.jpg (image/jpeg, 0 MB)

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