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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 away from dependence on a single sector or source of earnings to several sectors and markets. This kind of economic shift is presently underway in the Gulf Cooperation Council (GCC) region, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing rapid socio-economic improvement.
The GCC area is going through a transformative phase focused on economic diversity and sustainable advancement.
A strong motorist behind financial diversification and green shift strategies in the GCC is the well-documented impact of environment modification in the region being experienced now and in the future. The World Bank approximates that as much as 100 million people in the Middle East, consisting of the GCC, will struggle with water stress by 2025, with parts of the region anticipated to end up being uninhabitable by the end of the century due to water shortage and high temperature levels.
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