Is the resource curse hard-baked into African economies? China’s approach hints that it may not be

Countries with abundant natural resources – gold, diamonds, crude oil– often fail to transform that advantage into favourable development outcomes. This is known as the natural resource curse. Countries like Nigeria, Angola and the Democratic Republic of Congo are often cited as examples.

Several explanations have been offered for the resource course. These include the lack of government accountability usually associated with large windfalls from natural resources relative to other sources of tax revenues. Others are an increase in the local currency against major currencies such as the US dollar, which makes it difficult for other sectors of

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Oil Prices Down Over China’s Economy, Output Rise Concerns

Oil prices were down by more than $1 yesterday on worries over China’s economy after a survey showed growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by a rise in oil output from Organisation of Petroleum Exporting Countries, (OPEC) producers.

Brent crude oil futures skidded $1.12, or 1.5 per cent to $74.29 a barrel while US West Texas Intermediate (WTI) crude futures dropped 97 cents, or 1.3 per cent to $72.98 a barrel after slipping to a session low of $72.87.

“China’s been leading economic recovery in Asia and if the pullback deepens,

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A drop in China’s unemployment rate hides a lack of jobs | Business and Economy News

China’s unemployment rate has steadily dropped from last year’s pandemic peak though a lack of jobs for graduates and a shortage of skilled manufacturing workers point to underlying problems in the labor market.

The urban jobless rate fell to a two-year low of 5% in May, official data showed last week, but unemployment for those between the ages of 16-24 — which captures graduates from school and college — was more than double that at 13.8%.

Anecdotal reports suggest a mismatch between jobs and skills in the economy, which could prevent the jobless rate from falling much further. Part of

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