The Effect of Changes in Oil Prices on Economic Development of South Sudan: A Case Study of Juba City Republic of South Sudan
Author (s)
Ocum Genes Karlo & Maxwell Adea
Abstract
The study looks at how fluctuations in oil prices affect South Sudan’s economic growth. This entails investigating the variables that affect oil prices as well as the connection between shifting oil prices and economic growth. The impact of oil prices on the economic growth and development of the nation is significant. For instance, the literature study shows that Pakistan’s inflation of oil prices had little effect on economic growth over the medium and long terms. However, there were indicators of it raising the general price level in the economy. Eighty-eight (88) questionnaires were distributed to collect data from different respondents who were conveniently selected in Juba City and the response rate was 100%. The empirical evidence indicates that the correlation between oil prices and South Sudan’s economic progress has improved. The government of South Sudan should rewrite and simplify the policy framework in order to guarantee increased oil revenue and a better socioeconomic standing for the populace. An impartial committee or entity that can supervise and keep an eye on the actions of individuals engaged in oil revenue management should be established by this policy framework. This tactic has the potential to greatly lower the incidence of corruption and improper handling of oil revenue while also raising socioeconomic conditions in South Sudan.
Keywords: Oil price, Gross Domestic Product (GDP), Economic Development, Inflation, Endogenous Growth, Exogenous Growth, Neoclassical Growth.
| Title: | The Effect of Changes in Oil Prices on Economic Development of South Sudan: A Case Study of Juba City Republic of South Sudan |
|---|---|
| Author: | Ocum Genes Karlo & Maxwell Adea |
| Journal Name: | International Journal of Science and Business |
| Website: | ijsab.com |
| ISSN: | ISSN 2520-4750 (Online), ISSN 2521-3040 (Print) |
| DOI: | https://doi.org/10.58970/IJSB.2299 |
| Media: | Online |
| Volume: | 32 |
| Issue: | 1 |
| Issue publication (Year): | 2024 |
| Acceptance Date: | 01/02/2024 |
| Date of Publication: | 08/02/2024 |
| PDF URL: | https://ijsab.com/wp-content/uploads/2299.pdf |
| Free download: | Available |
| Page: | 106-121 |
| First Page: | 106 |
| Last Page: | 121 |
| Paper Type: | Research paper |
| Current Status: | Published |
Cite This Article:
Ocum Genes Karlo & Maxwell Adea (2024). The Effect of Changes in Oil Prices on Economic Development of South Sudan: A Case Study of Juba City Republic of South Sudan. International Journal of Science and Business, 32(1), 106-121. DOI: https://doi.org/10.58970/IJSB.2299
Retrieved from https://ijsab.com/wp-content/uploads/2299.pdf
About Author (s)
Ocum Genes Karlo, PhD Student in Business Administration at the University of Juba, South Sudan.
Maxwell Adea (Corresponding author), Professor of Research Methodology at Ayii University in Juba and visiting Professor of Starford University and Supervisor and Examiner of Doctor of Philosophy Candidates at the University of Juba in South Sudan.
DOI: https://doi.org/10.58970/IJSB.2299