Economic Diversification In The Gcc Past Present And Future

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Economic Diversification in the GCC

Mr.Tim Callen,Reda Cherif,Fuad Hasanov,Mr.Amgad Hegazy,Padamja Khandelwal
Economic Diversification in the GCC Book PDF

Author : Mr.Tim Callen,Reda Cherif,Fuad Hasanov,Mr.Amgad Hegazy,Padamja Khandelwal
Publisher : International Monetary Fund
Page : 32 pages
File Size : 54,7 Mb
Release : 2014-12-23
Category : Business & Economics
ISBN : 9781498303231

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Economic Diversification in the GCC by Mr.Tim Callen,Reda Cherif,Fuad Hasanov,Mr.Amgad Hegazy,Padamja Khandelwal Pdf

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

Ashraf Mishrif,Yousuf Al Balushi
Economic Diversification in the Gulf Region Volume I Book PDF

Author : Ashraf Mishrif,Yousuf Al Balushi
Publisher : Springer
Page : 247 pages
File Size : 51,5 Mb
Release : 2017-12-27
Category : Political Science
ISBN : 9789811057830

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Economic Diversification in the Gulf Region, Volume I by Ashraf Mishrif,Yousuf Al Balushi Pdf

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 Diversification in the Gulf Region, Volume II

Ashraf Mishrif,Yousuf Al Balushi
Economic Diversification in the Gulf Region Volume II Book PDF

Author : Ashraf Mishrif,Yousuf Al Balushi
Publisher : Springer
Page : 266 pages
File Size : 50,8 Mb
Release : 2018-01-09
Category : Political Science
ISBN : 9789811057861

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Economic Diversification in the Gulf Region, Volume II by Ashraf Mishrif,Yousuf Al Balushi Pdf

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.

The GCC Economies

Mohamed A. Ramady
The GCC Economies Book PDF

Author : Mohamed A. Ramady
Publisher : Springer Science & Business Media
Page : 360 pages
File Size : 49,8 Mb
Release : 2012-04-23
Category : Political Science
ISBN : 9781461416111

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The GCC Economies by Mohamed A. Ramady Pdf

The ‘Arab Spring’ of 2011 has affected the countries of the region to varying degrees, including the Gulf Cooperation Council (GCC) members, comprising Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain. The GCC has become a significant regional bloc playing a vital economic and political role far beyond its shores, given its geopolitical strategic location, a preponderance of global energy reserves and a major international player through the use of accumulated financial reserves. A new Gulf is rising, one that is more self assertive, looking to expand its membership to other Arab countries such as Jordan and Morocco, while at the same time strengthening the bloc’s relationship with current and emerging trading and strategic partners in Europe, USA and Asia. Regional and international realities, especially the uncertainties unleashed by the ‘Arab Spring’, are forcing Gulf leadership to initiate new policies involving closer cooperation amongst GCC countries to address emerging challenges. This volume brings together thirty renowned academics and specialists to examine a range of multifaceted social, political and economic issues facing the GCC in key areas such as: · Diversification from a high dependency on a narrow hydrocarbon base · Social transformation, youth employment and effective gender participation · Outward and inward foreign direct investment flows · Prospects for education reforms and e-learning. · Sustainable security in oil, renewable energy (including nuclear) and food · Corporate governance, transparency and enhancing the private sector's operating environment · The role and governance of Gulf Sovereign Wealth Funds in investing their surpluses. The volume also offers insights for challenges facing the GCC in monetary union, expanding the regional debt market and Sukuk issuance, GCC intellectual property rights application, detailed assessments of individual GCC country risk analysis, as well as the sustainability of long term government fiscal stimulus programs at the expense of private sector involvement.

Science and Technology Development in the Gulf States

Afreen Siddiqi,Laura Diaz Anadon
Science and Technology Development in the Gulf States Book PDF

Author : Afreen Siddiqi,Laura Diaz Anadon
Publisher : Unknown
Page : 0 pages
File Size : 49,5 Mb
Release : 2017
Category : Economic development
ISBN : 3959940025

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Science and Technology Development in the Gulf States by Afreen Siddiqi,Laura Diaz Anadon Pdf

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.

When Can Oil Economies Be Deemed Sustainable?

Giacomo Luciani,Tom Moerenhout
When Can Oil Economies Be Deemed Sustainable Book PDF

Author : Giacomo Luciani,Tom Moerenhout
Publisher : Springer Nature
Page : 365 pages
File Size : 53,8 Mb
Release : 2020-09-30
Category : Political Science
ISBN : 9789811557286

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When Can Oil Economies Be Deemed Sustainable? by Giacomo Luciani,Tom Moerenhout Pdf

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.

The GCC Economies

Mohamed A. Ramady
The GCC Economies Book PDF

Author : Mohamed A. Ramady
Publisher : Springer
Page : 324 pages
File Size : 52,5 Mb
Release : 2012-04-26
Category : Political Science
ISBN : 1461416124

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The GCC Economies by Mohamed A. Ramady Pdf

The ‘Arab Spring’ of 2011 has affected the countries of the region to varying degrees, including the Gulf Cooperation Council (GCC) members, comprising Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain. The GCC has become a significant regional bloc playing a vital economic and political role far beyond its shores, given its geopolitical strategic location, a preponderance of global energy reserves and a major international player through the use of accumulated financial reserves. A new Gulf is rising, one that is more self assertive, looking to expand its membership to other Arab countries such as Jordan and Morocco, while at the same time strengthening the bloc’s relationship with current and emerging trading and strategic partners in Europe, USA and Asia. Regional and international realities, especially the uncertainties unleashed by the ‘Arab Spring’, are forcing Gulf leadership to initiate new policies involving closer cooperation amongst GCC countries to address emerging challenges. This volume brings together thirty renowned academics and specialists to examine a range of multifaceted social, political and economic issues facing the GCC in key areas such as: · Diversification from a high dependency on a narrow hydrocarbon base · Social transformation, youth employment and effective gender participation · Outward and inward foreign direct investment flows · Prospects for education reforms and e-learning. · Sustainable security in oil, renewable energy (including nuclear) and food · Corporate governance, transparency and enhancing the private sector's operating environment · The role and governance of Gulf Sovereign Wealth Funds in investing their surpluses. The volume also offers insights for challenges facing the GCC in monetary union, expanding the regional debt market and Sukuk issuance, GCC intellectual property rights application, detailed assessments of individual GCC country risk analysis, as well as the sustainability of long term government fiscal stimulus programs at the expense of private sector involvement.

Economic Development in the Gulf Cooperation Council Countries

Héla Miniaoui
Economic Development in the Gulf Cooperation Council Countries Book PDF

Author : Héla Miniaoui
Publisher : Springer Nature
Page : 217 pages
File Size : 53,6 Mb
Release : 2020-10-26
Category : Political Science
ISBN : 9789811560583

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Economic Development in the Gulf Cooperation Council Countries by Héla Miniaoui Pdf

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.

GCC Countries

Ugo Fasano,Mr.Zubair Iqbal
GCC Countries Book PDF

Author : Ugo Fasano,Mr.Zubair Iqbal
Publisher : International Monetary Fund
Page : 32 pages
File Size : 44,8 Mb
Release : 2003-09-05
Category : Business & Economics
ISBN : STANFORD:36105112183772

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GCC Countries by Ugo Fasano,Mr.Zubair Iqbal Pdf

Over the past three decades 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 have witnessed an unprecedented economic and social transformation. Oil proceeds have been used to modernize infrastructure, create employment, and improve social indicators, while the countries have been able to accumulate official reserves, maintain relatively low external debt, and remain important donors to poor countries. Life expectancy in the GCC area increased by almost 10 years to 74 years during 1980-2000, and literacy rates increased by 20 percentage points to about 80 percent over the same period. Average per capita income in the GCC countries was estimated at about $12,000 in 2002, with their combined nominal GDP reaching close to $340 billion (more than half the GDP of all Middle Eastern countries. With very low inflation, overall real economic growth has averaged 4 percent a year during the past three decades, while the importance of non-oil economic activities has grown steadily, reflecting GCC countries' efforts at economic diversification. Moreover, central bank international reserves alone in some GCC countries are equivalent to about 10 months of imports. This progress has been achieved with an open exchange and trade system and liberal capital flows, as well as open borders for foreign labor. The GCC area has become an important center for regional economic growth.

Breaking the Oil Spell

Reda Cherif,Fuad Hasanov,Min Zhu
Breaking the Oil Spell Book PDF

Author : Reda Cherif,Fuad Hasanov,Min Zhu
Publisher : International Monetary Fund
Page : 212 pages
File Size : 55,6 Mb
Release : 2016-04-15
Category : Business & Economics
ISBN : 9781513537863

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Breaking the Oil Spell by Reda Cherif,Fuad Hasanov,Min Zhu Pdf

The “Gulf Falcons”—the countries of the Gulf Cooperation Council—have high living standards as a result of large income flows from oil. The decline of oil prices between summer 2014 and fall 2015 underscores the urgency for the Gulf Falcons to diversify away from their current heavy reliance on oil exports. This book discusses attempts at diversification in the Middle East and North Africa and the complex choices policymakers face. It brings together the views of academics and policymakers to offer practical advice for future efforts to increase productivity growth.

Saudi Arabia in Transition

Bernard Haykel,Thomas Hegghammer,Stéphane Lacroix
Saudi Arabia in Transition Book PDF

Author : Bernard Haykel,Thomas Hegghammer,Stéphane Lacroix
Publisher : Cambridge University Press
Page : 361 pages
File Size : 45,6 Mb
Release : 2015-01-19
Category : Business & Economics
ISBN : 9781107006294

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Saudi Arabia in Transition by Bernard Haykel,Thomas Hegghammer,Stéphane Lacroix Pdf

This book presents new insights and the most up-to-date research on Saudi Arabia's social, cultural, economic and political dynamics.

Economic Diversification in Oil-Exporting Arab Countries

International Monetary Fund
Economic Diversification in Oil Exporting Arab Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 41 pages
File Size : 52,7 Mb
Release : 2016-04-29
Category : Business & Economics
ISBN : 9781498345699

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Economic Diversification in Oil-Exporting Arab Countries by International Monetary Fund Pdf

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...

Economic Benefits of Export Diversification in Small States

Arnold McIntyre,Mike Xin Li,Ke Wang,Hanlei Yun
Economic Benefits of Export Diversification in Small States Book PDF

Author : Arnold McIntyre,Mike Xin Li,Ke Wang,Hanlei Yun
Publisher : International Monetary Fund
Page : 23 pages
File Size : 43,8 Mb
Release : 2018-04-11
Category : Business & Economics
ISBN : 9781484351017

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Economic Benefits of Export Diversification in Small States by Arnold McIntyre,Mike Xin Li,Ke Wang,Hanlei Yun Pdf

The paper considers concepts of economic diversification with respect to exports (including service sectors) for small states. We assessed the economic performance of different groups of 34 small states over the period of 1990-2015 and found those more diversified experienced lower output volatility and higher average growth than most other small states. Our findings are consistent with conventional economic theories but we found that export diversification has a more significant impact on reducing output volatility than improving long run growth in small states. Diversification requires fundamental changes and should be contemplated in the context of a cohesive development strategy.

Oil, Industrialization & Development in the Arab Gulf States (RLE Economy of Middle East)

Atif Kubursi
Oil Industrialization Development in the Arab Gulf States RLE Economy of Middle East Book PDF

Author : Atif Kubursi
Publisher : Routledge
Page : 159 pages
File Size : 52,9 Mb
Release : 2015-05-15
Category : Social Science
ISBN : 9781317592952

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Oil, Industrialization & Development in the Arab Gulf States (RLE Economy of Middle East) by Atif Kubursi Pdf

Were oil supplies everlasting and the demand for oil strong and continuous, economic diversification in the Gulf would be pointless. However oil reserves are finite and non-renewable and the world demand for oil from the Gulf region is simply not stable. Collectively the countries of the Gulf face the striking prospect that unless priorities and plans are set with care the gestation period of their economic development may be longer than the expected life of their hydrocarbon resources. This book examines just that threat. It considers the opportunities available to the Gulf states for accumulating sufficient productive capital in the non-oil sectors of their economy to offset the drawing down of oil reserves. The book pays particular attention to the possibilities of development through cooperation not only within the Gulf Cooperation Council but also within the larger Arab region and the Third World as a whole. It concludes with a critical review of the main challenges that these economies are facing and are likely to face in the near future with special emphasis on their major problems and failures. First published in 1984.

The Future of Oil and Fiscal Sustainability in the GCC Region

Mr.Tokhir N Mirzoev,Ling Zhu,Yang Yang,Ms.Tian Zhang,Mr.Erik Roos,Mr.Andrea Pescatori,Mr.Akito Matsumoto
The Future of Oil and Fiscal Sustainability in the GCC Region Book PDF

Author : Mr.Tokhir N Mirzoev,Ling Zhu,Yang Yang,Ms.Tian Zhang,Mr.Erik Roos,Mr.Andrea Pescatori,Mr.Akito Matsumoto
Publisher : International Monetary Fund
Page : 55 pages
File Size : 43,9 Mb
Release : 2020-02-06
Category : Business & Economics
ISBN : 9781513525907

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The Future of Oil and Fiscal Sustainability in the GCC Region by Mr.Tokhir N Mirzoev,Ling Zhu,Yang Yang,Ms.Tian Zhang,Mr.Erik Roos,Mr.Andrea Pescatori,Mr.Akito Matsumoto Pdf

The oil market is undergoing fundamental change. New technologies are increasing the supply of oil from old and new sources, while rising concerns over the environment are seeing the world gradually moving away from oil. This spells a significant challenge for oil-exporting countries, including those of the Gulf Cooperation Council (GCC) who account for a fifth of the world’s oil production. The GCC countries have recognized the need to reduce their reliance on oil and are all implementing reforms to diversify their economies as well as fiscal and external revenues. Nevertheless, as global oil demand is expected to peak in the next two decades, the associated fiscal imperative could be both larger and more urgent than implied by the GCC countries’ existing plans.