Economic Diversification in Oil-Exporting Arab Countries
Policy Papers, April 29, 2016
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- Economic Diversification in Oil-Exporting Arab Countries
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Bibliographic details
- Published: April 29, 2016
- Series: Policy Papers
Key findings and challenges
- The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and employment.
- Because oil is an exhaustible resource, new sectors need to be developed so they can take over as the oil and gas industry dwindles.
- Over-reliance on oil also exacerbates macroeconomic volatility.
- The current environment of likely durable low oil prices has exacerbated these challenges.
- Greater economic diversification would unlock job-creating growth, increase resilience to oil price volatility and improve prospects for future generations.
Policy implications and prerequisites
- Macro-economic stability is a key prerequisite for economic diversification.
- Supportive regulatory and institutional frameworks are also key prerequisites for economic diversification.
Subjects covered
- Economic conditions
- Employment
- Labor market reforms
- Nonoil sector
- Oil exporting countries
- Oil prices
- Oil revenues
- Population
- Private sector
- Public sector
Source: IMF policy paper landing page for "Economic Diversification in Oil-Exporting Arab Countries" (April 29, 2016).
Content in this bundle
- Executive Summary