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This volume focuses on the role of the private sector in diversifying the economics of Gulf countries in the post-petrodollar era, when fluctuating and declining oil prices are negatively impacting national expenditures. It explores current policies of countries in the Gulf Cooperation Council and their efforts to shift their economies away from heavy dependence on hydrocarbons. The structural changes will create favorable conditions for the private sector to flourish, shift production dependence from public to private sector, and allow for more efficient resource allocation. Such changes will also allow local banks to provide financial support to small and medium enterprises, boost entrepreneurship for job creation, and strengthen organizational structure and efficiency.  This is the first volume in Economic Diversification in the Gulf Region.

Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Political economy. --- Middle East—Economic conditions. --- Development economics. --- Economic development. --- International Political Economy. --- Middle Eastern and North African Economics. --- Development Economics. --- Regional Development. --- Economic theory --- Political economy --- Social sciences --- Economic man --- International economic relations. --- Africa, North—Economic conditions. --- Regionalism. --- International Political Economy’. --- Middle Eastern/North African Economics. --- Human geography --- Nationalism --- Interregionalism --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- International relations --- Economic sanctions --- Middle East --- Africa, North --- Economic conditions.

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This volume explores the challenges to diversification in Gulf countries, which can no longer rely on profits from hydrocarbons to fund national expenditures. It elaborates on the problem of weak institutions, lack of coordination between policy makers and executors, limited investment in research and development, and a workforce that is too poorly skilled to compete in the private sector. In addition to analyzing issues in areas such as education, labor, business, and trade, the contributors underscore the importance of using global best practices to overcome fundamental weaknesses in the Gulf Cooperative Council's economic structure that limit opportunities for economic diversification. This is the second volume in Economic Diversification in the Gulf Region.

International relations. Foreign policy --- Politics --- Economic order --- Economic conditions. Economic development --- Developing countries: economic development problems --- International economic relations --- Economics --- internationale economische politiek --- economie --- politiek --- ontwikkelingssamenwerking --- economische ontwikkelingen --- streekontwikkeling --- internationale economie --- Middle East --- North Africa