×

Sizzling South Sudan

Why Oil Is Not the Whole Story

This article is the third installment of a five-part series examining the world's fastest-growing economies, according to the IMF World Economic Outlook.A man dances with fireworks during South Sudan's independence day celebrations. (Goran Tomasevic / Courtesy Reuters)

The newly independent Republic of South Sudan may top the list of the world's fastest-growing economies in 2013. The main reason for this is that last year South Sudan experienced one of the most spectacular economic contractions of any state in modern times -- a situation that is expected to reverse in the year ahead. 

The South Sudanese economy crashed 12 months ago when, during a dispute with northern Sudan, the South Sudanese government shut down the nation's entire oil production. Until then, oil revenues, totaling about $400 million per month, had represented 82 percent of South Sudan's gross domestic product and 98 percent of government revenues. The oil companies were stunned by the shutdown; their revenues fell

Loading, please wait...

This article is a part of our premium archives.

To continue reading and get full access to our entire archive, please subscribe.

Related Articles

This site uses cookies to improve your user experience. Click here to learn more.

Continue