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Sub-Saharan African countries account for around one-third of the overall, followed by Latin America and the Middle East (the latter 2 together representing over 40% of the total). Including, there has actually been an (from 90.3 in 2000-04 to 92.6 and 92.3 in the 5 years pre- and post-pandemic ).
and ranked higher than others; UAE is up more than 45 places in 2024 compared to 2000 while Qatar climbed 24; both Saudi Arabia and Oman rose 17 ranks during the duration. The caught or worse off nations are some parts of Latin America and Sub-Saharan Africa where structural change has actually stalled.
shows a significant increase in average EDI ratings from 86.8 in 2000-04 to 92.6 in 2020-24, (up more than 10 points in the initial duration versus 2020-24). with UAE outperforming in the trade sub-index (supported by recent bilateral trade agreements & non-oil exports push). vs its pre-pandemic reading (partially offered the surge in medium & modern manufacturing data).
Its diversification metrics have actually stagnated, showing the least improvement between the initial (2000-04) and final (2020-24) reference periods., despite the headwinds of OPEC+ production cuts. A robust non-hydrocarbon expansion was supported by the GCC's robust domestic demand (supported by a strong task pipeline and implementation) and strong services sector performance.
How Diversified Wealth Funds Protect Against Oil Price VolatilityKuwait and Saudi Arabia clocked in an increase in non-hydrocarbon revenue, "mostly showing non-hydrocarbon tax base growths and revenue collection efficiency enhancements", according to the IMF. In the current geopolitical environment characterized by intensifying, it is in the very best interests of commodity reliant countries to diversify its export base, exports and trade partners.
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