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Growing Beyond Oil: Productivity, Performance, and Progress in the Countries of the Gulf Cooperation Council |
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Authors:
Ewout Frankema,
Vlad Manole,
Andrew Tank,
Bart van Ark
Sluggish productivity and an over-reliance on oil and gas pose a threat to the future economic expansion of the countries in the Gulf region. Such an over-reliance on natural resources is a shaky foundation for long-term economic development and will hold back other sectors of the economy, such as high-productivity manufacturing and financial services. Currently, much of the oil and gas revenues are being spent on low-productivity construction and real estate which give only a superficial impression of affluence. To achieve sustainable increases in living standards over the long term, the region needs to address both institutional barriers to productivity (that prevent resources flowing to their most productive use) and fix the most critical labor market inefficiencies (to ensure a highly skilled and motivated workforce). This report is part of a major research program on productivity, performance and progress in the Gulf Cooperation Council region which The Conference Board is running in conjunction with Gulf Investment Corporation (GIC). |
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