Breaking the Oil Spell: The Gulf Falcons' Path to Diversification

Author: Reda Cherif, Fuad Hasanov, and Min Zhu

This book discusses efforts by GCC countries to diversify their economies, and takes lessons from other countries that have generated long-term growth.

Publication date: April 2016

ISBN: 9781513537863

$40.00

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English

Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , BOOK , industry , country , GCC country , IMF's Middle East Center for Economics and Finance , economy , oil exporter , establishment of the CEF , natural resource boom , lessons Korea , Productivity , Oil , Exports , Global , East Asia , Middle East , Southeast Asia , North Africa , private sector , value chain , government failure , Manufacturing

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Summary

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.