ISSN: IJSB: 2520-4750 (Online), 2521-3040 (Print) JSR : 2708-7085 (online)

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.

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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.

 

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DOI: https://doi.org/10.58970/IJSB.2299

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