Economic performance of South American countries rich in natural resources in 2000-2022: Brazil, Chile, Peru

This thesis examines the phenomenon known as the "natural resource curse" and its impact on the economic performance of three South American natural resource–rich countries – Brazil, Chile, and Peru – over the period 2000–2022. The main objective of the thesis is to analyse and evaluate the impact of fiscal policy decisions on the economic welfare of transitioning countries, using above mantioned economies as examples of over the period 2000–2020, to examine the symptoms of the „resource curse“ and to assess wheter these countries have suffered from the manifestations of the natural resource curse in the 21st century. The paper also proposes development strategies, including the creation of financial cushions from positive years for periods of crisis, and sets out recommendations for developing and transition countries wishing to avoid the resource curse and its associated consequences. The theoretical part of the paper discusses the main economic theories explaining the negative effects of natural resources on economy, including phenomena such as Dutch disease, macroeconomic volatility and political instability. The practical part analyzes specific economic indicators of these countries, taking into account major global events such as economic crises, the COVID-19 pandemic, and the Russian invasion of Ukraine. The methodology used includes a comparative analysis of key indicators such as adjusted net national income and adjusted net national savings, allowing for a detailed assessment of economic efficiency of natural resource management in Brazil, Chile and Peru. The results of the highlight the different impacts of natural resource extraction on the economies of the countries analysed and suggest policy measures that can contribute to minimising negative effects and ensuring sustainable economic growth.