The objective of this study is to discover the relationship between natural resources, gross capital formation, energy consumption and economic growth. In addition, the study also emphasizes on exploring whether financial openness can change the resource curse into a blessing. Using quarterly data from 1990Q1 to 2018Q4, the study used structural equation modeling technique for the empirical analysis. The conclusions of study indicated the negative relationship of natural resources with economic growth which confirms the existence of resource curse hypothesis. Although, renewable and non-renewable energy positively stimulate Pakistan's economic growth, but, the role of non-renewable energy toward economic growth is more strong compared with renewable energy. Financial openness also stimulates economic growth positively. However, the results for the influence of gross capital formation on economic growth were insignificant. The comprehensive assessment of the empirical examination of the role of financial openness in changing the resource curse into blessing indicated that financial openness doesn't have capability to change the resource curse into a blessing. The in depth analysis put-forward key guide lines for policy formation to efficiently utilize the natural resources in the country.

这项研究的目的是发现自然资源，资本形成总额，能源消耗与经济增长之间的关系。此外，该研究还强调探讨金融开放是否可以使资源诅咒变成福气。利用1990年1季度至2018年4季度的季度数据，该研究使用结构方程建模技术进行了实证分析。研究结论表明自然资源与经济增长之间存在负相关关系，这证实了资源诅咒假说的存在。尽管可再生和不可再生能源对巴基斯坦的经济增长产生了积极的推动作用，但是与可再生能源相比，不可再生能源对经济增长的作用更为明显。金融开放还可以积极刺激经济增长。然而，总资本形成对经济增长影响的结果微不足道。对金融开放度在将资源诅咒转化为祝福方面的作用进行实证检验的综合评估表明，金融开放度没有能力将资源诅咒转化为祝福。深入分析提出了制定政策的关键指导方针，以有效利用该国的自然资源。