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, chapter 1, pages 1-29, Palgrave Macmillan. 2012/271, International Monetary Fund., MIT Press, vol.
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Economic diversification is the process of transitioning an economy away from dependence on a single sector or income to several sectors and markets. This kind 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 change.
The GCC region is going through a transformative stage concentrated on economic diversification and sustainable development. Historically reliant on oil and gas, GCC economies are now striving to diversify their revenue sources through enthusiastic government-led efforts like Saudi Vision 2030 and We the UAE 2031 that shift focus from high-risk, susceptible and/or high-carbon markets and sectors to economies.
A strong chauffeur behind economic diversity and green shift strategies 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 up to 100 million individuals in the Middle East, including the GCC, will struggle with water stress by 2025, with portions of the area anticipated to become uninhabitable by the end of the century due to water shortage and heats.
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