Why do some countries stay poor despite having abundant natural resources?

[Felicity_Tide]

WHAT THINGS ARE NEEDED TO TURN NATURAL RESOURCES INTO PROSPERITY IN YOUR POINT OF VIEW ?

Personally, I would say that corruption is practically a general term that defines every single problem that involves the inadequate use of resources as far as my country is concerned. From illegal mining operations, to government not using the generated revenues on the necessary, they all narrow down to some kind of corruption that is ongoing at a certain level of government. I can confidently say that if my country goes on to use every single penny that comes from our resources to develop the country, I don't think the majority would still find interest in relocating.

Imo, the only thing that is needed is to have a less corrupt government. I know having a government with zero corruption is not that common, but a less corrupt government could actually transform the natural resources into prosperity. And not just less corrupt government, but a competent one as well.

[DYOR+BTC]

This is a very  serious discussion that requires serious attention as that is considered the major problem affecting most nations in the world now,  most nations especially African country's are blessed with numerous mineral resources but because of bad leadership system they ends up suffering.
Bad leadership system is one of the main reasons most blessed nations are suffering, this leaders elected to administer there leadership functions changes there thought and place there selfishness over the interest of the citizens leaving a blessed nations to suffer when they are supposed to be enjoying the blessings of God.

[ColdLava40]

WHAT THINGS ARE NEEDED TO TURN NATURAL RESOURCES INTO PROSPERITY IN YOUR POINT OF VIEW ?

Every country blessed with natural resources just need good leadership to prosper.

In a situation of bad governance, the resources are either not properly utilized or they processed but public funds don't circulate back into the economy.

Africa is a very good example of this calling. We have so many rare minerals in Africa, but it's still very underdeveloped.

Sometimes I jealous the European countries not because of how advanced they became, but how they maximized their little resources into something good.

[Finestream]

WHAT THINGS ARE NEEDED TO TURN NATURAL RESOURCES INTO PROSPERITY IN YOUR POINT OF VIEW ?

Every country blessed with natural resources just need good leadership to prosper.

In a situation of bad governance, the resources are either not properly utilized or they processed but public funds don't circulate back into the economy.

Africa is a very good example of this calling. We have so many rare minerals in Africa, but it's still very underdeveloped.

Sometimes I jealous the European countries not because of how advanced they became, but how they maximized their little resources into something good.

For any country to maximized its prosperity, good leadership should be executed first, otherwise all those natural resources will be put into waste, and will not be benefited well by the local citizens. Unfortunately, having good leadership remains a dream for most of the countries. Majority that holds position now are most likely for corruption gains, and to make their lives better while leaving the local people struggling to survive everyday.

[batang_bitcoin]

Corruption as its finest. The politicians who are the ones signing the deals are having the money paid to them straight to their pockets and not to the government funds and taxes. There could be a little of it but the most of it is on their benefits. They don't know how to take care of the natural resources and that's why natural calamities are also coming to those areas that they are corrupting. Because there's no money left for the government to do the necessary actions if trees or precious metals are mined. No one cares after the natural resources afterward being benefited from.

[Shinpako09]

Just like in our country, the PH. It's not a poor country; it's just being plundered by corrupt politicians, corrupt government officials, and even greedy elites, which is one of the reasons why we remain a third-world country until now.

While our neighboring countries keep advancing, we're moving in the opposite direction. What makes it even worse is that many citizens are fanatics of politicians, which I think should never happen. I don't understand why they're still so loyal despite everything happening in PH politics.

That's also one of the reasons corruption continues. As long as corrupt politicians keep getting public support, they'll keep doing what they're doing.

[juttsab@]

Natural resources does not guarantee success or the prosperity of any country in fact it depends on how those resources are managed and used, there are countries who have very high number of resources but they are poor, the main problem is that they do not have the required and strong institutions that can clearly distribute those resources or generate revenues. The another issue can be that they do not have the required amount of machinery or technology required to use those resources effectively and also investing that resourcing income in different sectors like health care, infrastructure and technology is also and issue that if not taken care do not benefit.

[Franklyn-wood]

Just like in our country, the PH. It's not a poor country; it's just being plundered by corrupt politicians, corrupt government officials, and even greedy elites, which is one of the reasons why we remain a third-world country until now.

While our neighboring countries keep advancing, we're moving in the opposite direction. What makes it even worse is that many citizens are fanatics of politicians, which I think should never happen. I don't understand why they're still so loyal despite everything happening in PH politics.

That's also one of the reasons corruption continues. As long as corrupt politicians keep getting public support, they'll keep doing what they're doing.

Having natural resources and yet be poor sounds impossible to the ears but very possible in real life. Many countries have resources and yet very poor which could be as a result of ignorance of same resources, like no proper channels to handle it and send for direct processing. Greed might also makes it look valueless to others while they sell it out and a cheaper price in other no to attract the attention of others.

[viljy]

It depends on what you mean by a poor country. If the people of a country are poor, but the oligarchs and the comprador government are rich, is it a poor country or a rich country? It depends on how you look at it. The same goes for the economy. An economy that focuses on enriching the oligarchs is completely effective from their perspective.

The problem is that it is rare for rulers to prioritize the well-being of the people. Additionally, there is still a hidden economic neocolonialism at play. It's no secret that the wealth of many countries is directly or indirectly based on the actual robbery of other countries.