Once all that is in place, how do we benefit from the resource endowment? Clearly there are various options, with spending to enhance the potential growth rate of the economy the most important. But where should we focus such efforts?
In my view, the greatest gains over the longest period of time are likely to come out of efforts to develop a well-integrated regional economy, founded on real economy links of trade, transport, telecommunications, energy, and labour mobility. These are the fundamentals that enable talent to find opportunity and firms to grow.