The Effect of Changes in Oil Prices on Economic Development of South Sudan: A Case Study of Juba City Republic of South Sudan

Abstract

The study looks at how fluctuations in oil prices affect South Sudan's economic growth. This entails investigating the variables that affect oil prices as well as the connection between shifting oil prices and economic growth. The impact of oil prices on the economic growth and development of the nation is significant. For instance, the literature study shows that Pakistan's inflation of oil prices had little effect on economic growth over the medium and long terms. However, there were indicators of it raising the general price level in the economy. Eighty-eight (88) questionnaires were distributed to collect data from different respondents who were conveniently selected in Juba City and the response rate was 100%. The empirical evidence indicates that the correlation between oil prices and South Sudan's economic progress has improved. The government of South Sudan should rewrite and simplify the policy framework in order to guarantee increased oil revenue and a better socioeconomic standing for the populace. An impartial committee or entity that can supervise and keep an eye on the actions of individuals engaged in oil revenue management should be established by this policy framework. This tactic has the potential to greatly lower the incidence of corruption and improper handling of oil revenue while also raising socioeconomic conditions in South Sudan.