GCC Economies: Oil Dependence to Economic Diversification

 


The Gulf Co-operation Council (GCC) economies have been heavily dependent on the hydrocarbon sector, which accounts for a large part of their export earnings and government revenue. However, the GCC nations are striving to diversify and reduce the risks that stem from their economic dependence on the oil and gas sectors, which, although lucrative, are vulnerable to price swings. By 2020, the GCC economies are expected to transform into more diversified economies with value additions to the non-hydrocarbon sector. Policy makers are aiming to convert their current tangible oil wealth into intangible human capital. This is expected to mitigate volatility and lead to the development of high value-added diversified sectors.

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The Gulf Co-operation Council (GCC) economies have been heavily dependent on the hydrocarbon sector, which accounts for a large part of their export earnings and government revenue. However, the GCC nations are striving to diversify and reduce the risks that stem from their economic dependence on the oil and gas sectors, which, although lucrative, are vulnerable to price swings. By 2020, the GCC economies are expected to transform into more diversified economies with value additions to the non-hydrocarbon sector. Policy makers are aiming to convert their current tangible oil wealth into intangible human capital. This is expected to mitigate volatility and lead to the development of high value-added diversified sectors.

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Table of Contents

GCC Economies: Oil Dependence to Economic DiversificationHydrocarbon Dominance in the GCCIntroduction to GCC EconomiesDependence on Hydrocarbons and Associated ChallengesEconomic DiversificationDiversification ScenarioPolicy Stance and Development PlansStructural Reforms to Lead to Increased Investments in the Non-hydrocarbon SectorsDiversification OutlookOutlook for Diversification 2020




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