Abstract

National economic growth largely depends on natural resource endowment. The article describes the effect of natural resource endowment on strategizing the sustainable development of CIS countries in 2006–2020. After statistical processing, the data were subjected to the methods of panel analysis, pooled ordinary least-squares, and fixed/random effect models. The panel data analysis made it possible to verify the positive effect of natural resources on the economic growth. The positive correlation between the natural resource rents and the economic growth rates proved to be statistically significant. The CIS countries require a long-term strategy of economic restructuring to shift to sustainable development.

Keywords

natural resources, economic growth, CIS, resource curse, institutional development, sustainable development, strategizing

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