We
measure natural resources by resource rents as a share of GDP. Our main results do not support the
idea that there is a “curse of natural resources” in transition countries. We find a positive and robust
impact of natural resources on economic growth and this result holds even for “point resources” and
oil which are generally seen as having a negative effect on economic performances. On the contrary,
agriculture and forest (“diffuse” resources) seem to have detrimental effects on growth.