Resource-rich Latin American countries did experience high rates of economic growth and diminished poverty and inequality during the boom years. On the surface, this would appear to strengthen arguments that extractive industries are key to progress, especially in resource-rich areas, despite their negative environmental impact. Nevertheless, a closer look shows that things are a bit more complicated.
Last year’s meeting in Cape Town was overshadowed by pessimism in the wake of tumbling commodity prices and organizers tried to boost morale by encouraging participants to look “beyond the cycle.” But this year the buzz word for multilaterals was sustainability.
Despite an overall positive trajectory, Guinea's citizens have not yet fully benefited from the country’s natural resources. This is largely due to poor governance performance in the past, as well as some lingering challenges.
As a lower middle-income country that heavily depends on remittances from migrant workers hard hit by the economic downturn in Russia, Tajikistan is in desperate need of foreign capital to balance its economic growth.