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An oil boom is a boom in the oil producing sector of an economy. Generally, this short period initially brings economic benefits, in terms of increased GDP growth, but might later lead to a resource curse.
Contents
Consequences
According to the Dutch disease theory, the sudden discovery of oil may cause a decline in the manufacturing sector. The consequences will vary from country to country, depending on the country's economic structure and stage of development. For example, after the oil boom in Gabon, the country showed symptoms of the Dutch disease, while oil-producing Equatorial Guinea did not.
History
Some important oil booms around the world include:
References
Oil boom Wikipedia(Text) CC BY-SA