Macroeconomic Determinants of Economic Growth of Major Oil and Natural Gas Countries

Today's economy cannot do without oil and gas, two commodities that two major crises have hit in particular in recent times. These energy commodities were and are in conflict of interest, and not only from that perspective. Therefore, it is legitimate to ask whether these commodities bring economic benefits and prosperity to the economies of the producing countries. A literature study reveals that the authors have focused mainly on the partial impact of individual determinants on economic growth. Therefore, the article's authors decided to examine the issue in full. This article deals with a study of the determinants of economic growth in the countries of the top ten oil and gas producers. This study uses panel data analysis and is a direct fixed-effects model. Two models are built, one for oil and one for natural gas. The period under study is the same for both models, between 1980 and 2021. The exchange rate, HDI, crude oil production, crude oil price, and oil consumption significantly positively affect GDP growth. Population growth, HDI, natural gas production, and the natural gas price have a significant positive effect on GDP growth.