Breaking The Oil Spell: The Gulf Falcons' Path To Diversification

Breaking The Oil Spell: The Gulf Falcons' Path To Diversification

by International Monetary Fund


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Breaking The Oil Spell: The Gulf Falcons' Path To Diversification by International Monetary Fund

Imagine a future in which oil is no longer the main source of energy in the world. Such a future is not cataclysmic-and is even brighter-for oil exporters, if they pursue true economic diversification. To achieve this, however, they must change the prevailing economic model. Despite the complex choices involved, it is paramount for oil-dependent economies to become innovative economies. In the past, countries such as Brazil, Korea, Malaysia, and Singapore have made major strides in diversifying their economies, and this book-edited by IMF Deputy Managing Director Min Zhu and IMF economists Reda Cherif and Fuad Hasanov-distills lessons from their experiences to help guide the Gulf countries today. Their stories reveal that incentives for firms and workers need to be realigned to develop technologically sophisticated export-oriented industries. More important, their stories show that standard growth policy prescriptions may not be enough and the task of changing incentives for firms and workers falls primarily on the shoulders of the state. Breaking the Oil Spell sheds light on what constitutes true economic diversification and the role of the state in achieving it. Ultimately, this book aims to demonstrate that the great aspirations of the people of the Gulf countries and other oil exporters can become a reality.

Product Details

ISBN-13: 9781513537863
Publisher: International Monetary Fund
Publication date: 04/15/2016
Pages: 421
Product dimensions: 5.97(w) x 9.02(h) x 0.51(d)

Table of Contents

Foreword vii

Acknowledgments xi

Introduction Tim Callen Reda Cherif Fuad Hasanov xiii

Part I Diversification Attempts in the Middle East and North Africa

1 Soaring of the Gulf Falcons: Diversification in the GCC Oil Exporters in Seven Propositions Reda Cherif Fuad Hasanov 3

2 The Riddle of Diversification Clement M. Henry 47

Part II Experiences of Diversification in Asia and Latin America

3 Going Beyond Comparative Advantage: How Singapore Did It Philip Yeo 65

4 Malaysia's Move toward a High-Income Economy: Five Decades of Nation Building-A View from Within Ahmad Tajuddin Ali 83

5 Industrial Diversification in Korea: History in Search of Lessons Meredith Woo 93

6 Economic Diversification in Latin American Countries: A Way to Face Tough Times Ahead José Miguel Benavente 103

Part III Key Policies to Support Diversification

7 Growth Policy Design for Middle-Income Countries Philippe Aghion 117

8 Diversification and the Economy: The Role of Government in Enhancing the Industrial Base Bill Francis Iftekhar Hasan Yun Zhu 131

9 A Practitioner's Narrative of Brazil's Industrialization and the Role of the Brazilian Development Bank Julio Ramundo 145

10 Implications of Korea's Saemaul Undong for Development Policy: A Structural Perspective Huck-ju Kwon 155

11 Lessons for Today and the Way Forward Redo Cherif Fuad Hasanov Alfred Kammer 167

Postscript: A Conversation on Diversification Challenges 171

Contributors 179

Index 185

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