Macroeconomic Determinants of Economic Growth of Major Oil and Natural Gas Countries

that two major crises have hit in particular in recent times. These
energy commodities were and are in conflict of interest, and not only
from that perspective. Therefore, it is legitimate to ask whether these
commodities bring economic benefits and prosperity to the
economies of the producing countries. A literature study reveals that
the authors have focused mainly on the partial impact of individual
determinants on economic growth. Therefore, the article's authors
decided to examine the issue in full. This article deals with a study of
the determinants of economic growth in the countries of the top ten
oil and gas producers. This study uses panel data analysis and is a
direct fixed-effects model. Two models are built, one for oil and one
for natural gas. The period under study is the same for both models,
between 1980 and 2021. The exchange rate, HDI, crude oil
production, crude oil price, and oil consumption significantly
positively affect GDP growth. Population growth, HDI, natural gas
production, and the natural gas price have a significant positive effect
on GDP growth.