The country's economic growth rate is influenced by various factors, and while the availability of natural resources can play a role, it is not the sole determinant. Here are some arguments for both sides:

Why natural resources might have a significant impact on economic growth:
➡️1. Natural resources as a factor of production: Countries with abundant natural resources can utilize them to enhance their productive capacity, leading to increased economic output and growth. Resources such as oil, minerals, or fertile land can drive sectors like mining, agriculture, or energy production, contributing to overall economic expansion.
➡️2. Impact on poverty and health: Insufficient access to natural resources like water can negatively affect living conditions, leading to poverty, ill health, and reduced productivity. Adequate availability and management of resources are crucial for sustaining economic growth and improving the well-being of the population.
➡️3. Dependence on natural resource imports: Countries lacking sufficient natural resources may face challenges in meeting their resource needs. This reliance on imports can strain the current account balance, potentially hampering economic growth. Insufficient access to critical resources required for economic sectors may limit a country's growth potential.
➡️4. Role in infrastructure and primary sectors: Natural resources are vital for the construction of infrastructure, such as roads and schools, which are essential for economic development. Additionally, primary sectors like agriculture rely on natural resources for production, and their growth can contribute to overall economic expansion.

Why natural resources might not be the primary determinant of economic growth:
➡️1. Importance of other factors of production: While natural resources are valuable, other factors like capital investment, human capital (education, skills), and technological advancements are equally important for economic growth. Countries that effectively utilize these factors can achieve high growth rates despite limited natural resources.
➡️2. Trade and resource availability: Through international trade, countries can access the natural resources they lack domestically, reducing the dependency on local availability. Global trade enables resource-rich countries to export their resources while importing others they require, mitigating limitations on growth due to resource constraints.
➡️3. Specialization and trade restrictions: Economic growth depends on a country's ability to specialize in areas where it has a comparative advantage. Trade restrictions or barriers can hinder the flow of resources and limit economic growth. By engaging in international trade, countries can overcome the limitations posed by their own natural resource availability.
➡️4. Variations in economic performance: Economic growth rates vary significantly among countries with different levels of natural resource endowments. Some resource-rich countries have struggled to translate their resource wealth into sustained economic growth, while resource-scarce countries with well-developed sectors and favorable economic policies have achieved high growth rates. Factors like governance, institutions, innovation, and investment climate play vital roles in economic performance.
In conclusion, while natural resources can impact economic growth, they are not the sole determinant. A country's economic growth depends on a combination of factors, including the effective utilization of all factors of production, trade opportunities, institutional frameworks, and policy choices. Achieving sustainable economic growth requires a holistic approach that considers the diverse factors shaping a country's economic development.