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, chapter 1, pages 1-29, Palgrave Macmillan. 2012/271, International Monetary Fund., MIT Press, vol.
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Economic diversity is the process of transitioning an economy far from dependence on a single sector or income source to several sectors and markets. This kind of financial shift is currently underway in the Gulf Cooperation Council (GCC) region, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing fast socio-economic change.
The GCC area is undergoing a transformative stage concentrated on financial diversity and sustainable advancement. Historically reliant on oil and gas, GCC economies are now striving to diversify their earnings 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 financial diversification and green transition strategies in the GCC is the well-documented impact of environment change in the region being experienced now and in the future. The World Bank approximates that approximately 100 million people in the Middle East, including the GCC, will suffer from water tension 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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