Economic diversification in oil-exporting arab countries
: 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 Historically, diversification away from oil extraction has been difficult for such oil-rich countries – in large part because the top-down approach of the state has not given managers and other economic agents the confidence or incentive to embrace new ideas, innovate and take risks. Economic Diversification: The Case of Kuwait with Reference to Oil Producing Countries Ahmed Al-Kawaz1 The paper addresses the issue of economic diversification as a necessary, but not sufficient condition to enhance economic development process in the state of Kuwait, and oil exporting countries alike. Fluctuation of growth in Arab countries is higher than in the rest of the world. In GCC states, fluctuation of growth is twice the average in other resource-rich Arab countries and four times that in non-oil exporting Arab countries. Second, economic diversification is considered essential for job creation, especially in light of the rapidly ECONOMIC DIVERSIFICATION IN SAUDI ARABIA: THE PAST, THE PRESENT AND THE WAY AHEAD Motivation Diversification in Saudi Arabia’s Economy over the Past Decade Experiences with Economic Diversification in Commodity (Oil) Exporting Countries (Malaysia, Indonesia, Mexico, Chile) Business Environment: How Does Saudi Arabia Compare to other Countries?
Economic diversification is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. Traditionally, it has been applied as a strategy to encourage positive economic growth and development.
Economic Diversification in GCC Countries: Past Record and Future Trends MARTIN HVIDT Abstract Employing an empirical and comparative approach, this research paper analyses the past record and future trends of economic diversification efforts in the six Gulf Cooperation Council (GCC) countries. Box3.1 Economic Diversification 31. iv OEC Oil Exporting Countries OECD Organization for Economic Co-operation and Development UAE United Arab Emirates UDIC Urban Development Investment Corporation UK United Kingdom VAT Value-Added Tax WB World Bank WEF World Economic Forum. 1 by Samer Bohsali, Per-Ola Karlsson, and Rawia Abdel Samad For the past few decades, economic diversification has been high on the agenda of all the countries in the Gulf Cooperation Council (GCC Economic diversification is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. Traditionally, it has been applied as a strategy to encourage positive economic growth and development. Arab economies lack high-quality products or services not made elsewhere. 2 | The contents of this presentation are the authors’ sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its Members. Measures of economic diversity ECONOMIC DIVERSIFICATION IN OIL-EXPORTING ARAB COUNTRIES Diversification outcomes in Arab countries lags other regions Economic diversification has been a key developmental goal Achieving this objective is seen as essential for economic security and sustainability. Although some Arab oil exporters have made progress over the last few decades in diversifying their economic base and sources of These middle and high school lessons are designed to foster critical and historical thinking, greater cultural awareness, and a sense of wonder about the world and our place in it. Open Ended Social Studies is free, always growing, and collaborative – please check back and contribute often.
Economic Diversification: The Case of Kuwait with Reference to Oil Producing Countries Ahmed Al-Kawaz1 The paper addresses the issue of economic diversification as a necessary, but not sufficient condition to enhance economic development process in the state of Kuwait, and oil exporting countries alike.
Box3.1 Economic Diversification 31. iv OEC Oil Exporting Countries OECD Organization for Economic Co-operation and Development UAE United Arab Emirates UDIC Urban Development Investment Corporation UK United Kingdom VAT Value-Added Tax WB World Bank WEF World Economic Forum. 1 by Samer Bohsali, Per-Ola Karlsson, and Rawia Abdel Samad For the past few decades, economic diversification has been high on the agenda of all the countries in the Gulf Cooperation Council (GCC Economic diversification is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. Traditionally, it has been applied as a strategy to encourage positive economic growth and development. Arab economies lack high-quality products or services not made elsewhere. 2 | The contents of this presentation are the authors’ sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its Members. Measures of economic diversity ECONOMIC DIVERSIFICATION IN OIL-EXPORTING ARAB COUNTRIES Diversification outcomes in Arab countries lags other regions Economic diversification has been a key developmental goal Achieving this objective is seen as essential for economic security and sustainability. Although some Arab oil exporters have made progress over the last few decades in diversifying their economic base and sources of
economic diversification in 11 MENA oil exporters (Algeria, Bahrain, Iran, Iraq, Kuwait,. Libya, Oman, Qatar, Saudi Arabia, United Arab Emirates, and Yemen)
country to spend heavily in order to accelerate economic development. Similarly, the Saudi Arabian economy experienced an oil export boom during the 1970s.
Economic diversification has been a key developmental goal for the Arab oil exporting countries for decades as evidenced in their various national development plans. Achieving this objective is seen as essential for economic security and sustainability. Some Arab oil exporters have made progress over
In Arab oil-exporting countries, there has been a clear tendency towards focusing more on giving a strong impetus to economic diversification policies by adopting future national visions : 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 Historically, diversification away from oil extraction has been difficult for such oil-rich countries – in large part because the top-down approach of the state has not given managers and other economic agents the confidence or incentive to embrace new ideas, innovate and take risks. Economic Diversification: The Case of Kuwait with Reference to Oil Producing Countries Ahmed Al-Kawaz1 The paper addresses the issue of economic diversification as a necessary, but not sufficient condition to enhance economic development process in the state of Kuwait, and oil exporting countries alike. Fluctuation of growth in Arab countries is higher than in the rest of the world. In GCC states, fluctuation of growth is twice the average in other resource-rich Arab countries and four times that in non-oil exporting Arab countries. Second, economic diversification is considered essential for job creation, especially in light of the rapidly ECONOMIC DIVERSIFICATION IN SAUDI ARABIA: THE PAST, THE PRESENT AND THE WAY AHEAD Motivation Diversification in Saudi Arabia’s Economy over the Past Decade Experiences with Economic Diversification in Commodity (Oil) Exporting Countries (Malaysia, Indonesia, Mexico, Chile) Business Environment: How Does Saudi Arabia Compare to other Countries? income from overseas investment). The last is particularly relevant to capital-surplus oil exporting countries. Economic diversification in its standard usage, either in terms of the diversity of economic activities or markets, is a significant issue to many DCs, as their economies are generally characterised by the lack of it (see table 1, 2
economic diversification in oil-exporting Arab countries.1,2,3 The paper is organized in two parts. The first part lays out the stylized facts on oil-exporting Arab countries as well as the motivation for economic diversification. It underlines the heterogeneity in conditions across oil-exporting Arab 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 Economic diversification has been a key developmental goal for the Arab oil exporting countries for decades as evidenced in their various national development plans. Achieving this objective is seen as essential for economic security and sustainability. Some Arab oil exporters have made progress over : 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