Economic Diversification in Oil-Exporting Arab Countries
April 29, 2016
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Summary
- 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...
Subject: Economic conditions, Employment, Labor market reforms, Nonoil sector, Oil exporting countries, Oil prices, Oil revenues, Population, Private sector, Public sector
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