Resource extraction, FinTech, and social equal access: A quantitative analysis of resource-rich countries

Abstract

Resource-rich countries hold potential for the alleviation of social disparities and the promotion of equal opportunities. Well-managed natural resource extraction can spur economic growth, create employment, and provide funds for some of the vital social programs that improve social accessibility to education, healthcare, and infrastructure altogether. Contingent upon such change, this study investigates the impact of natural resource extraction on equitable access for all members of society across countries that happen to be endowed with resources, using data for the period 2011–2022. The Driscoll-Kraay and Panel Quantile Regression methods are used to see how an improvement in resource extraction could benefit society by mainly reducing inequality. Key findings confirm that natural resource extraction positively influences equal access across social domains. FinTech improves directly on the degree of social accessibility and moderates toward sustainable, more inclusive outcomes in the effect of natural resource extraction. The control variables point towards the productive capacities supporting equal access. In contrast, military spending and high energy consumption have adverse effects. The results reveal a dual role of resource extraction and FinTech in helping to achieve inclusive development and underscore policies that would ensure optimal resource management in facilitating equitable societal growth.