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Economic Diversification in the GCC

Author: Mr.Tim Callen

Publisher: International Monetary Fund

Published: 2014-12-23

Total Pages: 32

ISBN-13: 1498303234

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Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil market, help create jobs in the private sector, increase productivity and sustainable growth, and help create the non-oil economy that will be needed in the future when oil revenues start to dwindle. The GCC countries have followed many of the standard policies that are usually thought to promote more diversified economies, including reforms to improve the business climate, the development of domestic infrastructure, financial deepening, and improvements in education. Nevertheless, success to date has been limited. This paper argues that increased diversification will require realigning incentives for firms and workers in the economies—fixing these incentives is the “missing link” in the GCC countries’ diversification strategies. At present, producing non-tradables is less risky and more profitable for firms as they can benefit from the easy availability of low-wage foreign labor and the rapid growth in government spending, while the continued availability of high-paying and secure public sector jobs discourages nationals from pursuing entrepreneurship and private sector employment. Measures to begin to address these incentive issues could include limiting and reorienting government spending, strengthening private sector competition, providing guarantees and financial support for those firms engaged in export activity, and implementing labor market reforms to make nationals more competitive for private sector employment.

Book Synopsis Economic Diversification in the GCC by : Mr.Tim Callen

Download or read book Economic Diversification in the GCC written by Mr.Tim Callen and published by International Monetary Fund. This book was released on 2014-12-23 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil market, help create jobs in the private sector, increase productivity and sustainable growth, and help create the non-oil economy that will be needed in the future when oil revenues start to dwindle. The GCC countries have followed many of the standard policies that are usually thought to promote more diversified economies, including reforms to improve the business climate, the development of domestic infrastructure, financial deepening, and improvements in education. Nevertheless, success to date has been limited. This paper argues that increased diversification will require realigning incentives for firms and workers in the economies—fixing these incentives is the “missing link” in the GCC countries’ diversification strategies. At present, producing non-tradables is less risky and more profitable for firms as they can benefit from the easy availability of low-wage foreign labor and the rapid growth in government spending, while the continued availability of high-paying and secure public sector jobs discourages nationals from pursuing entrepreneurship and private sector employment. Measures to begin to address these incentive issues could include limiting and reorienting government spending, strengthening private sector competition, providing guarantees and financial support for those firms engaged in export activity, and implementing labor market reforms to make nationals more competitive for private sector employment.

Economic Diversification in the Gulf Region, Volume I

Author: Ashraf Mishrif

Publisher: Springer

Published: 2017-12-27

Total Pages: 247

ISBN-13: 9811057834

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This volume focuses on the role of the private sector in diversifying the economics of Gulf countries in the post-petrodollar era, when fluctuating and declining oil prices are negatively impacting national expenditures. It explores current policies of countries in the Gulf Cooperation Council and their efforts to shift their economies away from heavy dependence on hydrocarbons. The structural changes will create favorable conditions for the private sector to flourish, shift production dependence from public to private sector, and allow for more efficient resource allocation. Such changes will also allow local banks to provide financial support to small and medium enterprises, boost entrepreneurship for job creation, and strengthen organizational structure and efficiency. This is the first volume in Economic Diversification in the Gulf Region.

Book Synopsis Economic Diversification in the Gulf Region, Volume I by : Ashraf Mishrif

Download or read book Economic Diversification in the Gulf Region, Volume I written by Ashraf Mishrif and published by Springer. This book was released on 2017-12-27 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume focuses on the role of the private sector in diversifying the economics of Gulf countries in the post-petrodollar era, when fluctuating and declining oil prices are negatively impacting national expenditures. It explores current policies of countries in the Gulf Cooperation Council and their efforts to shift their economies away from heavy dependence on hydrocarbons. The structural changes will create favorable conditions for the private sector to flourish, shift production dependence from public to private sector, and allow for more efficient resource allocation. Such changes will also allow local banks to provide financial support to small and medium enterprises, boost entrepreneurship for job creation, and strengthen organizational structure and efficiency. This is the first volume in Economic Diversification in the Gulf Region.

Economic Development in the Gulf Cooperation Council Countries

Author: Héla Miniaoui

Publisher: Springer Nature

Published: 2020-10-26

Total Pages: 217

ISBN-13: 9811560587

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This book delves into the economic development of the six Gulf Cooperation Council (GCC) countries. Since the 1960s, the GCC states have harnessed their potential to exploit the wealth accrued from the oil boom to build their infrastructure and grow their economies. However, the high level of dependency on oil as the primary source feeding their output made their economies volatile and vulnerable to fluctuations in the global oil prices. Moreover, the plunge in oil prices and the threat of depletion of this natural resource pose serious challenges to the GCC countries. Consequently, the GCC governments have realized the importance of diversifying their economies following the need to move away from reliance on hydrocarbon. This book contributes to the theoretical literature by enriching the debate on the transition of the GCC countries from rentier states to diversified economies. It helps students and scholars understand this transformation with an expansive comprehension of the contemporary challenges facing the region, as well as outlining prospects for the future.

Book Synopsis Economic Development in the Gulf Cooperation Council Countries by : Héla Miniaoui

Download or read book Economic Development in the Gulf Cooperation Council Countries written by Héla Miniaoui and published by Springer Nature. This book was released on 2020-10-26 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book delves into the economic development of the six Gulf Cooperation Council (GCC) countries. Since the 1960s, the GCC states have harnessed their potential to exploit the wealth accrued from the oil boom to build their infrastructure and grow their economies. However, the high level of dependency on oil as the primary source feeding their output made their economies volatile and vulnerable to fluctuations in the global oil prices. Moreover, the plunge in oil prices and the threat of depletion of this natural resource pose serious challenges to the GCC countries. Consequently, the GCC governments have realized the importance of diversifying their economies following the need to move away from reliance on hydrocarbon. This book contributes to the theoretical literature by enriching the debate on the transition of the GCC countries from rentier states to diversified economies. It helps students and scholars understand this transformation with an expansive comprehension of the contemporary challenges facing the region, as well as outlining prospects for the future.

Economic Diversification in the Gulf Region, Volume II

Author: Ashraf Mishrif

Publisher: Springer

Published: 2018-01-09

Total Pages: 266

ISBN-13: 9811057869

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This volume explores the challenges to diversification in Gulf countries, which can no longer rely on profits from hydrocarbons to fund national expenditures. It elaborates on the problem of weak institutions, lack of coordination between policy makers and executors, limited investment in research and development, and a workforce that is too poorly skilled to compete in the private sector. In addition to analyzing issues in areas such as education, labor, business, and trade, the contributors underscore the importance of using global best practices to overcome fundamental weaknesses in the Gulf Cooperative Council's economic structure that limit opportunities for economic diversification. This is the second volume in Economic Diversification in the Gulf Region.

Book Synopsis Economic Diversification in the Gulf Region, Volume II by : Ashraf Mishrif

Download or read book Economic Diversification in the Gulf Region, Volume II written by Ashraf Mishrif and published by Springer. This book was released on 2018-01-09 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores the challenges to diversification in Gulf countries, which can no longer rely on profits from hydrocarbons to fund national expenditures. It elaborates on the problem of weak institutions, lack of coordination between policy makers and executors, limited investment in research and development, and a workforce that is too poorly skilled to compete in the private sector. In addition to analyzing issues in areas such as education, labor, business, and trade, the contributors underscore the importance of using global best practices to overcome fundamental weaknesses in the Gulf Cooperative Council's economic structure that limit opportunities for economic diversification. This is the second volume in Economic Diversification in the Gulf Region.

When Can Oil Economies Be Deemed Sustainable?

Author: Giacomo Luciani

Publisher: Springer Nature

Published: 2020-09-30

Total Pages: 365

ISBN-13: 9811557284

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This open access book questions the stereotype depicting all Gulf (GCC) economies as not sustainable, and starts a critical discussion of what these economies and polities should do to guarantee themselves a relatively stable future. Volatile international oil markets and the acceleration of the energy transition has challenged the notion that oil revenues are sufficient to sustain oil economies in the near to medium term. But what is the meaning of economic sustainability? The book discusses the multiple dimensions of the concept: economic diversification, continuing value of resources, taxation and fiscal development, labor market sustainability, sustainable income distribution, environmental sustainability, political order (democracy or authoritarianism) and sustainability, regional integration. The overarching message in this book is that we should move on from the simplistic branding of the Gulf economies as unsustainable and tackle the details of which adaptations they might need to undertake.

Book Synopsis When Can Oil Economies Be Deemed Sustainable? by : Giacomo Luciani

Download or read book When Can Oil Economies Be Deemed Sustainable? written by Giacomo Luciani and published by Springer Nature. This book was released on 2020-09-30 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book questions the stereotype depicting all Gulf (GCC) economies as not sustainable, and starts a critical discussion of what these economies and polities should do to guarantee themselves a relatively stable future. Volatile international oil markets and the acceleration of the energy transition has challenged the notion that oil revenues are sufficient to sustain oil economies in the near to medium term. But what is the meaning of economic sustainability? The book discusses the multiple dimensions of the concept: economic diversification, continuing value of resources, taxation and fiscal development, labor market sustainability, sustainable income distribution, environmental sustainability, political order (democracy or authoritarianism) and sustainability, regional integration. The overarching message in this book is that we should move on from the simplistic branding of the Gulf economies as unsustainable and tackle the details of which adaptations they might need to undertake.

Economic Diversification Policies in Natural Resource Rich Economies

Author: Sami Mahroum

Publisher: Routledge

Published: 2016-08-05

Total Pages: 353

ISBN-13: 1317338758

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Economic diversification remains at the top of the agenda for hundreds of regions around the world. From the single commodity economies of African countries and the Caribbean, to the many single industry regions of Europe and North America, as well as the oil and gas rich but volatile hydrocarbon economies. Economic diversification policies have been around for almost a century with varying degrees of success and failure. Economic Diversification Policies in Natural Resource Rich Economies takes a special interest in the policy experiences of a set of different countries that have extractive industries representing significant drivers of their economies and subsequently are significant contributors to government revenues. It explores twelve cases including upper-middle to high income economies such as Canada, Australia, Iceland and Norway, emerging economies such as Latin America, the GCC (Saudi and UAE), Kazakhstan, Malaysia and Russia, as well as the developing economy of Uganda. Each chapter provides a review of economic diversification experiences including policy environment, diversification strategies, desired outcomes, the role of government, and a critical evaluation of achievements. This book is suitable for those who study environmental economics, development economics and resource management.

Book Synopsis Economic Diversification Policies in Natural Resource Rich Economies by : Sami Mahroum

Download or read book Economic Diversification Policies in Natural Resource Rich Economies written by Sami Mahroum and published by Routledge. This book was released on 2016-08-05 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic diversification remains at the top of the agenda for hundreds of regions around the world. From the single commodity economies of African countries and the Caribbean, to the many single industry regions of Europe and North America, as well as the oil and gas rich but volatile hydrocarbon economies. Economic diversification policies have been around for almost a century with varying degrees of success and failure. Economic Diversification Policies in Natural Resource Rich Economies takes a special interest in the policy experiences of a set of different countries that have extractive industries representing significant drivers of their economies and subsequently are significant contributors to government revenues. It explores twelve cases including upper-middle to high income economies such as Canada, Australia, Iceland and Norway, emerging economies such as Latin America, the GCC (Saudi and UAE), Kazakhstan, Malaysia and Russia, as well as the developing economy of Uganda. Each chapter provides a review of economic diversification experiences including policy environment, diversification strategies, desired outcomes, the role of government, and a critical evaluation of achievements. This book is suitable for those who study environmental economics, development economics and resource management.

Science and Technology Development in the Gulf States

Author: Afreen Siddiqi

Publisher:

Published: 2017

Total Pages: 0

ISBN-13: 9783959940023

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The Arab states of the Gulf, currently heavily reliant on oil and gas exports, have stated their intention to promote economic diversification and have embarked on reforming existing institutions for higher education, scientific research, and technology innovation. The region has witnessed huge population growth in recent decades, and in some cases (e.g. Saudi Arabia) almost half the population is under the age of twenty-five and in need of access to quality education and meaningful employment opportunities. This book provides an in-depth discussion of what is needed to accelerate the development of science, technology and innovation in the Gulf. Among other issues, the authors discuss the need for regional collaboration, and tackle systemic challenges such as immigration policies, career incentives for GCC citizens, and increased inclusion of women in the workforce.

Book Synopsis Science and Technology Development in the Gulf States by : Afreen Siddiqi

Download or read book Science and Technology Development in the Gulf States written by Afreen Siddiqi and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Arab states of the Gulf, currently heavily reliant on oil and gas exports, have stated their intention to promote economic diversification and have embarked on reforming existing institutions for higher education, scientific research, and technology innovation. The region has witnessed huge population growth in recent decades, and in some cases (e.g. Saudi Arabia) almost half the population is under the age of twenty-five and in need of access to quality education and meaningful employment opportunities. This book provides an in-depth discussion of what is needed to accelerate the development of science, technology and innovation in the Gulf. Among other issues, the authors discuss the need for regional collaboration, and tackle systemic challenges such as immigration policies, career incentives for GCC citizens, and increased inclusion of women in the workforce.

GCC Countries

Author: Mr.Ugo Fasano-Filho

Publisher: International Monetary Fund

Published: 2003-09-05

Total Pages: 28

ISBN-13: 9781589062337

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This paper presents an overview of the unprecedented economic and social transformation witnessed by the member countries of the Cooperation Council of the Arab States of the Gulf (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates-over the last three decades.

Book Synopsis GCC Countries by : Mr.Ugo Fasano-Filho

Download or read book GCC Countries written by Mr.Ugo Fasano-Filho and published by International Monetary Fund. This book was released on 2003-09-05 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an overview of the unprecedented economic and social transformation witnessed by the member countries of the Cooperation Council of the Arab States of the Gulf (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates-over the last three decades.

Economic Diversification in the Gulf States: Public Expenditure and Non-Oil Economic Growth in Bahrain, Oman and Qatar

Author: Yesenn El-Radhi

Publisher:

Published: 2018

Total Pages: 0

ISBN-13: 9783959940535

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A long-standing economic policy goal of the oil-dependent states of the Gulf Cooperation Council is to increase economic diversification. Over the last decades, GCC governments fostered the development of non-oil economies through large-scale public investments in the stocks of human and physical capital. This book takes a new look at economic diversification efforts by examining the impact of different public expenditure categories (capital, education, health) on non-oil GDP and labour productivity developments in the three GCC countries Bahrain, Oman and Qatar since the 1970s. Building both.

Book Synopsis Economic Diversification in the Gulf States: Public Expenditure and Non-Oil Economic Growth in Bahrain, Oman and Qatar by : Yesenn El-Radhi

Download or read book Economic Diversification in the Gulf States: Public Expenditure and Non-Oil Economic Growth in Bahrain, Oman and Qatar written by Yesenn El-Radhi and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A long-standing economic policy goal of the oil-dependent states of the Gulf Cooperation Council is to increase economic diversification. Over the last decades, GCC governments fostered the development of non-oil economies through large-scale public investments in the stocks of human and physical capital. This book takes a new look at economic diversification efforts by examining the impact of different public expenditure categories (capital, education, health) on non-oil GDP and labour productivity developments in the three GCC countries Bahrain, Oman and Qatar since the 1970s. Building both.

Economic Diversification in Oil-Exporting Arab Countries

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2016-04-29

Total Pages: 41

ISBN-13: 1498345697

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countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges. The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and employment. Because oil is an exhaustible resource, new sectors need to be developed so they can take over as the oil and gas industry dwindles. Over-reliance on oil also exacerbates macroeconomic volatility. Greater economic diversification would unlock job-creating growth, increase resilience to oil price volatility and improve prospects for future generations. Macro-economic stability and supportive regulatory and institutional frameworks are key prerequisites for economic diversification...

Book Synopsis Economic Diversification in Oil-Exporting Arab Countries by : International Monetary Fund

Download or read book Economic Diversification in Oil-Exporting Arab Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-04-29 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges. The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and employment. Because oil is an exhaustible resource, new sectors need to be developed so they can take over as the oil and gas industry dwindles. Over-reliance on oil also exacerbates macroeconomic volatility. Greater economic diversification would unlock job-creating growth, increase resilience to oil price volatility and improve prospects for future generations. Macro-economic stability and supportive regulatory and institutional frameworks are key prerequisites for economic diversification...