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, chapter 1, pages 1-29, Palgrave Macmillan. 2012/271, International Monetary Fund., MIT Press, vol.
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Economic diversification is the process of transitioning an economy far from reliance on a single sector or income source to several sectors and markets. This sort of economic shift is currently underway in the Gulf Cooperation Council (GCC) area, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing quick socio-economic change.
The GCC area is undergoing a transformative stage focused on financial diversification and sustainable advancement.
A strong chauffeur behind financial diversity and green transition strategies in the GCC is the well-documented impact of climate modification in the region being experienced now and in the future. The World Bank estimates that up to 100 million people in the Middle East, including the GCC, will struggle with water stress by 2025, with parts of the region expected to end up being uninhabitable by the end of the century due to water shortage and high temperatures.
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