Beyond the Boom and Bust: The Price of Natural Resources and Economic Development

Abstract

The growing cost of natural resources has a significant impact on economic and monetary growth because of the continued demand for these goods. The study's overarching goal is to examine the connection between the volatility of natural resource prices and financial growth in order to provide recommendations for economic revival. The study requires data on the N11 economies, which is gathered and examined. The findings demonstrate that natural resource volatility is linked to both global economic growth and political governance before and during pandemics. The results demonstrated that the unpredictability of natural resources significantly hinders global economic development and plays a key role in economic recovery. The findings are compelling and demonstrate the importance of natural gas, oil, and efficient government in driving economic development in N11. The research suggests that policymakers implement these solutions in order to address the problems identified.