Resource composition of the world economy: the problem of volatility of raw material prices

The world economy with its resource potential is part of a complex, open single global socio-economic world system. The prices of the resources of the world economy as a whole, as well as of each individual country, determine world economic growth of varying degrees of intensity. This article provides an empirical assessment of the dependence of investments and private consumption of commodity exporting countries on the volatility of world commodity prices, which is extremely important for interpreting the current state of the world economy and forecasting future potential. The results of empirical analysis showed that rising world prices for raw materials limit investment, and this applies both to industrial countries and countries with lower incomes; in most cases, we found a negative dependence on the price index, which was combined with a similar reaction to its volatility. In the studied countries, a predominantly inverse relationship was found between the increase in world prices for raw materials and private consumption.