Economic Diversification and Sustainable Development of GCC Countries
- For decades now, exports and import have grown more rapidly than domestic production. This is a strong indication that, besides the rapid growth of foreign trade in final goods, trade in intermediates is becoming increasingly important. For this reason, an input-output ap-proach is more appropriate for any analysis of diversification than a traditional approach based purely on macroeconomic data. This article analyses economic diversification in Gulf Cooperation Council (GCC) countries using data from input-output tables which are an integral part of the national accounts. We compare the performance of the GCC economies with that of a reference case, Norway, which is considered to have successfully diversified its economy despite having a large oil resource base. It also assesses these countries’ relative progress on sustainable development using a measure of the World Bank, adjusted net savings, which evaluates the true rate of savings in an economy after accounting for investments in physical and human capital, de-pletion of natural resources, and damage from environmental pollution. The article concludes that GCC countries have, contrary to expectation, collectively per-formed relatively well on diversification, but their performance on sustainable development varies.
Author: | Joerg BeutelORCiDGND |
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URN: | urn:nbn:de:bsz:kon4-opus4-29726 |
DOI: | https://doi.org/10.1007/978-981-15-5728-6_6 |
ISBN: | 978-981-15-5728-6 |
ISBN: | 978-981-15-5727-9 |
Parent Title (English): | When can oil economies be deemed sustainable? The Political Economy of the Middle East |
Publisher: | Springer, Imprint Palgrave Macmillan |
Place of publication: | Singapore |
Editor: | Giacomo Luciani, Tom Moerenhout |
Document Type: | Part of a Book |
Language: | English |
Year of Publication: | 2021 |
Identifier: | Im Katalog der Hochschule Konstanz ansehen |
Release Date: | 2022/01/08 |
Tag: | Diversification; Sustainable development |
First Page: | 99 |
Last Page: | 151 |
Institutes: | Fakultät Wirtschafts-, Kultur- und Rechtswissenschaften |
Open Access?: | Ja |
Relevance: | Keine peer reviewed Publikation (Wissenschaftlicher Artikel und Aufsatz, Proceeding, Artikel in Tagungsband) |
Licence (German): | Creative Commons - CC BY-NC-ND - Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International |