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Title Economic diversification in the GCC : past, present, and future / Tim Callen [and others]
Published [Washington, D.C.] : International Monetary Fund, ©2014

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Description 1 online resource (32 pages) : color illustrations
Series IMF staff discussion note ; SDN/14/12
IMF staff discussion note ; SDN/14/12.
Summary 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
Notes "December 2014."
"Institute for Capacity Development and Middle East and Central Asia Department"--Page 2 of pdf
Authors: Tim Callen, Reda Cherif, Fuad Hasanov, Amgad Hegazy, and Padamja Khandelwal
Bibliography Includes bibliographical references (pages 30-32)
Notes Online resource; title from PDF title page (IMF Web site, viewed January 6, 2015)
Subject Gulf Cooperation Council.
SUBJECT Gulf Cooperation Council fast
Subject Business enterprises -- Persian Gulf States
Exports -- Persian Gulf States
Revenue -- Persian Gulf States
Wages and labor productivity -- Persian Gulf States
Economic development -- Persian Gulf States
Petroleum industry and trade -- Persian Gulf States
BUSINESS & ECONOMICS -- Industries -- General.
Business enterprises
Economic development
Economic policy
Exports
Petroleum industry and trade
Revenue
Wages and labor productivity
SUBJECT Persian Gulf States -- Economic policy
Subject Persian Gulf States
Form Electronic book
Author Callen, Tim, author.
International Monetary Fund. Institute for Capacity Development.
International Monetary Fund. Middle East and Central Asia Department.
ISBN 9781498301688
1498301681
1498303234
9781498303231
149835551X
9781498355513