The Effects of Angola Oil Revenues and Institutional Quality on Economic and Social Structures

In addition, by establishing an econometric model, the relationship between with the economic growth the oil production and prices as well as, the effect of oil which is shows institutional quality, on the rules of law were measured. Econometric model results, show that oil production and prices have positive effects short period on economic growth and rules of law. According to this result, it is necessary to create a long-term and feasible economic development program in order to increase the quality of life of the society by taking into consideration the natural resources and institutional quality of the countries that want to realize economic development. According to the resource curse theory, most of the oil-rich countries do not achieve the sustainable economic growth and development. This situation, which is more prevalent in the countries which are high in corruption and inequality of income, also the low institutional quality, causes a situation that impoverishes the population and decreases the quality of life. In this study, of the oil producer Angola the effects on the economic and social structures of resource revenues and institutional quality are examined for the period of 2000-2018. According to the results of the research, it can be seen that institutional quality factor, in other words, governance ability of governments is more prominent than economic factors and institutional quality is showed the negative effects on the socio-economic development of Angola.