Soaring of the Gulf Falcons
- Reda Cherif
- Fuad Hasanov
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Know about the book -
Soaring of the Gulf Falcons is written by Reda Cherif and published by International Monetary Fund. It's available with International Standard Book Number or ISBN identification 1498319300 (ISBN 10) and 9781498319300 (ISBN 13).
A key priority for the Gulf Cooperation Council (GCC) countries is to create a dynamic non-oil tradable sector to support sustainable growth. Since export diversification takes a long time, it has to start now. We argue that the failure to diversify away from oil stems mainly from market failures rather than government failures. To tackle market failures, the government needs to change the incentive structure for workers and firms. Experiences of oil exporters that managed to diversify suggest that a focus on competing in international markets and an emphasis on technological upgrade and climbing the “quality ladder” are crucial.
