Economic diversification in the GCC: past, present, and future
Gespeichert in:
| Format: | Elektronisch E-Book |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.]
International Monetary Fund
2014
|
| Schriftenreihe: | IMF staff discussion note
SDN/14/12 |
| Schlagworte: | |
| Online-Zugang: | FLA01 |
| Beschreibung: | "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 Online resource; title from PDF title page (IMF Web site, viewed January 6, 2015) |
| Beschreibung: | 1 online resource (32 pages) color illustrations |
| ISBN: | 9781498301688 1498301681 |
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| 505 | 8 | |a 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 | |
| 610 | 1 | 7 | |a Gulf Cooperation Council |2 fast |
| 610 | 2 | 4 | |a Gulf Cooperation Council |
| 650 | 7 | |a BUSINESS & ECONOMICS / Industries / General |2 bisacsh | |
| 650 | 7 | |a Business enterprises |2 fast | |
| 650 | 7 | |a Economic development |2 fast | |
| 650 | 7 | |a Economic policy |2 fast | |
| 650 | 7 | |a Exports |2 fast | |
| 650 | 7 | |a Petroleum industry and trade |2 fast | |
| 650 | 7 | |a Revenue |2 fast | |
| 650 | 7 | |a Wages and labor productivity |2 fast | |
| 650 | 4 | |a Business enterprises |z Persian Gulf States |a Exports |z Persian Gulf States |a Revenue |z Persian Gulf States |a Wages and labor productivity |z Persian Gulf States |a Economic development |z Persian Gulf States |a Petroleum industry and trade |z Persian Gulf States | |
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| contents | 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 |
| ctrlnum | (ZDB-4-EBU)ocn899248192 (OCoLC)899248192 (DE-599)BVBBV045357983 |
| dewey-full | 338.7 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 338 - Production |
| dewey-raw | 338.7 |
| dewey-search | 338.7 |
| dewey-sort | 3338.7 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| id | DE-604.BV045357983 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T08:15:54Z |
| institution | BVB |
| isbn | 9781498301688 1498301681 |
| language | English |
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| spelling | Economic diversification in the GCC past, present, and future Tim Callen [and others] [Washington, D.C.] International Monetary Fund 2014 1 online resource (32 pages) color illustrations txt rdacontent c rdamedia cr rdacarrier IMF staff discussion note SDN/14/12 "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 Online resource; title from PDF title page (IMF Web site, viewed January 6, 2015) 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 Gulf Cooperation Council fast Gulf Cooperation Council BUSINESS & ECONOMICS / Industries / General bisacsh Business enterprises fast Economic development fast Economic policy fast Exports fast Petroleum industry and trade fast Revenue fast Wages and labor productivity fast 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 Callen, Tim Sonstige oth International Monetary Fund Sonstige oth |
| spellingShingle | Economic diversification in the GCC past, present, and future 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 Gulf Cooperation Council fast Gulf Cooperation Council BUSINESS & ECONOMICS / Industries / General bisacsh Business enterprises fast Economic development fast Economic policy fast Exports fast Petroleum industry and trade fast Revenue fast Wages and labor productivity fast 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 |
| title | Economic diversification in the GCC past, present, and future |
| title_auth | Economic diversification in the GCC past, present, and future |
| title_exact_search | Economic diversification in the GCC past, present, and future |
| title_full | Economic diversification in the GCC past, present, and future Tim Callen [and others] |
| title_fullStr | Economic diversification in the GCC past, present, and future Tim Callen [and others] |
| title_full_unstemmed | Economic diversification in the GCC past, present, and future Tim Callen [and others] |
| title_short | Economic diversification in the GCC |
| title_sort | economic diversification in the gcc past present and future |
| title_sub | past, present, and future |
| topic | Gulf Cooperation Council fast Gulf Cooperation Council BUSINESS & ECONOMICS / Industries / General bisacsh Business enterprises fast Economic development fast Economic policy fast Exports fast Petroleum industry and trade fast Revenue fast Wages and labor productivity fast 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 |
| topic_facet | Gulf Cooperation Council BUSINESS & ECONOMICS / Industries / General Business enterprises Economic development Economic policy Exports Petroleum industry and trade Revenue Wages and labor productivity 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 |
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