How knowledge base factors change natural resource curse to economic growth?

The aim of this study was to examine the possible role of knowledge based components, including social, financial and technological factors in motivating economic growth of developing oil based economies. For this purpose, a panel regression model is used to analyze the data collected from oil exporting developing countries (OPEC) during the years 2000-2016. The results extracted from an econometric model showed that an increment of one percent in social development, technological improvement and financial indexes has a significant positive impact on the gross domestic product (GDP) and caused economic growth to increase by 2.8, 0.67, and 2.2% respectively in selected OPEC countries. Moreover, the impact of the variables such as labor force, fixed capital formation, net inflow foreign direct investment and total reserves has a positive impact on the GDP growth, while, the impact of percentage of military expenditure to the GDP is negative on economic growth of selected countries.