Extractive Sectors and the Poor
Developing countries that rely heavily on oil or mineral exports suffer higher rates of poverty and child mortality, and spend more on their militaries than similar countries with more diverse economies, according to a study released today by Oxfam America.
"Extractive Sectors and the Poor" comes on the eve of a new yearlong World Bank review of its oil, gas, and mining investments. The report contests the conventional economic wisdom that developing nations prosper by extracting and exporting their oil and mineral wealth.