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Volume :32 Issue : 1 2004      Add To Cart                                                                    Download

Is the Oil Sector a Motive for Development or an Obstacle: The GCC States Experience

Auther : Yousif Khalifa Al-Yousif

The present paper explores the relationship between oil and economic development in the GCC economies. It starts by asking if the oil-based development in the GCC, over the last quarter century, was successful in transferring these economies from ones based on oil to more diversified ones. The answer is negative and substantiates the answer by a number of economic indicators which show that the GCC economies are still dependent on oil as the major source of income, revenues, and exports. Then, it proceeds by presenting some of the possible explanations for these countries failure to diversify their economies. Finally, the paper concludes with a number of policies that could lead to a more sustainable economic development in the countries at hand.

Keywords: Oil, Development, GCC.

 

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