Policy Papers

countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges.<br><br> <ul><li>The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and employment. </li> <li>Because oil is an exhaustible resource, new sectors need to be developed so they can take over as the oil and gas industry dwindles.</li> <li>Over-reliance on oil also exacerbates macroeconomic volatility.</li></ul> <p>Greater economic diversification would unlock job-creating growth, increase resilience to oil price volatility and improve prospects for future generations.</p> <p>Macro-economic stability and supportive regulatory and institutional frameworks are key prerequisites for economic diversification...</p>