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Sub-Saharan African nations account for around one-third of the total, followed by Latin America and the Middle East (the latter two together representing over 40% of the total). Consisting of, there has actually been an (from 90.3 in 2000-04 to 92.6 and 92.3 in the five years pre- and post-pandemic ).
and ranked higher than others; UAE is up more than 45 places in 2024 compared to 2000 while Qatar climbed up 24; both Saudi Arabia and Oman increased 17 ranks during the duration. The caught or even worse off nations are some parts of Latin America and Sub-Saharan Africa where structural change has stalled.
Why Economic Diversification Will Shape GCC Marketsreveals a considerable increase in average EDI ratings from 86.8 in 2000-04 to 92.6 in 2020-24, (up more than 10 points in the preliminary duration versus 2020-24). with UAE surpassing in the trade sub-index (supported by current bilateral trade contracts & non-oil exports push). vs its pre-pandemic reading (partially offered the surge in medium & modern manufacturing data).
Its diversity metrics have stagnated, revealing the least enhancement between the preliminary (2000-04) and last (2020-24) referral periods., despite the headwinds of OPEC+ production cuts. A robust non-hydrocarbon expansion was supported by the GCC's robust domestic demand (supported by a strong job pipeline and execution) and strong services sector performance.
How Economic Diversification Will Transform GCC MarketsKuwait and Saudi Arabia clocked in an increase in non-hydrocarbon earnings, "mostly showing non-hydrocarbon tax base growths and earnings collection performance enhancements", according to the IMF. In the current geopolitical environment characterized by intensifying, it remains in the very best interests of commodity dependent countries to diversify its export base, exports and trade partners.
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