The 'Gulf Falcons'-the countries of the Gulf Cooperation Council-have high living standards as a result of large income flows from oil. The decline of oil prices between summer 2014 and fall 2015 underscores the urgency for the Gulf Falcons to diversify away from their current heavy reliance on oil exports. This book discusses attempts at diversification in the Middle East and North Africa and the complex choices policymakers face. It brings together the views of academics and policymakers to offer practical advice for future efforts to increase productivity growth.
Author(s): Reda Cherif;Fuad Hasanov;Min Zhu (eds.)
Edition: 1st
Publisher: International Monetary Fund
Year: 2016
Language: English
Pages: 212
City: Washington, D.C.
Cover......Page 1
Contents......Page 6
Foreword......Page 8
Acknowledgments......Page 12
Introduction......Page 14
PART I: DIVERSIFICATION ATTEMPTS IN THE MIDDLE EAST AND NORTH AFRICA......Page 20
1 Soaring of the Gulf Falcons: Diversification in the GCC Oil Exporters in Seven Propositions......Page 22
2 The Riddle of Diversification......Page 66
PART II: EXPERIENCES OF DIVERSIFICATION IN ASIA AND LATIN AMERICA......Page 82
3 Going Beyond Comparative Advantage: How Singapore Did It......Page 84
4 Malaysia’s Move toward a High-Income Economy: Five Decades of Nation Building—A View from Within......Page 102
5 Industrial Diversification in Korea: History in Search of Lessons......Page 112
6 Economic Diversification in Latin American Countries: A Way to Face Tough Times Ahead......Page 122
PART III: KEY POLICIES TO SUPPORT DIVERSIFICATION......Page 134
7 Growth Policy Design for Middle-Income Countries......Page 136
8 Diversification and the Economy: The Role of Government in Enhancing the Industrial Base......Page 150
9 A Practitioner’s Narrative of Brazil’s Industrialization and the Role of the Brazilian Development Bank......Page 164
10 Implications of Korea’s Saemaul Undong for Development Policy: A Structural Perspective......Page 174
11 Lessons for Today and the Way Forward......Page 186
Postscript: A Conversation on Diversification Challenges......Page 190
Contributors......Page 198
B......Page 204
D......Page 205
G......Page 206
H......Page 207
K......Page 208
M......Page 209
P......Page 210
S......Page 211
T......Page 212
Z......Page 213
