Can GCC Non-Oil Growth Exceed Western Averages? thumbnail

Can GCC Non-Oil Growth Exceed Western Averages?

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Economic diversification is the process of transitioning an economy away from dependence on a single sector or source of earnings to numerous sectors and markets. This sort of financial shift is presently underway in the Gulf Cooperation Council (GCC) area, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing rapid socio-economic transformation.

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The GCC region is undergoing a transformative phase focused on economic diversification and sustainable advancement.

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A strong chauffeur behind economic diversification and green shift plans in the GCC is the well-documented impact of climate change in the region being experienced now and in the future. The World Bank estimates that approximately 100 million individuals in the Middle East, including the GCC, will experience water stress by 2025, with parts of the area anticipated to become uninhabitable by the end of the century due to water shortage and heats.

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