MACROECONOMIC MODEL FOR OIL-EXPORTING COUNTRIES
Keywords:
Macroeconomic model, oil-exporting countries, OPEC, oil markets, oil exports.Abstract
This article explores the relationship between GDP and net oil exports in major oil-exporting countries. The extremely strong positive correlation between these parameters makes it possible to develop GDP models for these countries based on exports of crude oil; it has been demonstrated that they are described by a quadratic regression with acceptable reliability. The study results show that the oil industry is the main driver of economic development in the modern world. Even where direct oil exports make up an insignificant part of GDP in oil-exporting countries, their impact on economic development is decisive
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