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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 procedure of transitioning an economy far from dependence on a single sector or income source to several sectors and markets. This kind 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 improvement.
The GCC area is going through a transformative stage focused on financial diversification and sustainable advancement. Historically reliant on oil and gas, GCC economies are now aiming to diversify their profits sources through ambitious government-led efforts like Saudi Vision 2030 and We the UAE 2031 that shift focus from high-risk, susceptible and/or high-carbon markets and sectors to economies.
A strong motorist behind economic diversification and green transition plans 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 individuals in the Middle East, consisting of the GCC, will suffer from water stress by 2025, with portions of the region anticipated to end up being uninhabitable by the end of the century due to water shortage and heats.
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