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The Macroeconomics of the Arab States of the Gulf

Author

Listed:
  • Espinoza, Raphael

    (Research Department, International Monetary Fund)

  • Fayad, Ghada

    (Middle East and Central Asia Department, International Monetary Fund)

  • Prasad, Ananthakrishnan

    (Middle East and Central Asia Department, International Monetary Fund)

Abstract

The economies of the Arab states of the Gulf have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans. Large-scale immigration provided the labour force while capital inflows and financial development leveraged oil wealth to finance diversification. The collapse in real estate prices around the world followed by the global crisis slowed growth and raised questions on the appropriateness of what has been dubbed the 'GCC model'. The Gulf Cooperation Council (GCC) countries have thus far managed to leverage their large natural resource wealth to achieve economic prosperity and finance social advances, and the region also emerged as an important source of funds for the other countries in the Middle East. Nevertheless, the GCC face several challenges. Productivity growth must increase to fully reap the benefits of investment. Jobs must be created for the nationals and the growing youth population. State intervention (which is prevalent, given that oil revenues accrue to the government) must become efficient and be used to diversify and modernize the economy. In addition, the recent crisis highlighted the importance of fiscal, monetary, and financial stability policies to manage macroeconomic cycles. This book analyses these issues and combines data and econometric analysis with theoretical discussions. It concludes with a discussion of the importance of the GCC for the wider region. Contributors to this volume - Christine Lagarde

Suggested Citation

  • Espinoza, Raphael & Fayad, Ghada & Prasad, Ananthakrishnan, 2013. "The Macroeconomics of the Arab States of the Gulf," OUP Catalogue, Oxford University Press, number 9780199683796.
    • Handle: RePEc:oxp:obooks:9780199683796
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    Cited by:

    1. López Cazar, I.M., 2020. "Does the Extractive Industries Transparency Initiative (EITI) help reduce corruption in Latin America? Evidence from Colombia, Guatemala, Honduras, Peru, and Trinidad and Tobago," ISS Working Papers - General Series 123971, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    2. James C. A. Redman, 2020. "An Overview of Innovation in the Arab Gulf States: From Origins and Five‐Year Plans to New Cities and Indices," Social Science Quarterly, Southwestern Social Science Association, vol. 101(7), pages 2485-2506, December.
    3. Saibal Ghosh, 2016. "Capital Buffer, Credit Risk and Liquidity Behaviour: Evidence for GCC Banks," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 58(4), pages 539-569, December.
    4. International Monetary Fund, 2015. "Kuwait: Selected Issues," IMF Staff Country Reports 2015/328, International Monetary Fund.
    5. Samuel Wills, 2015. "Seven Principles for Managing Resource Wealth," Economics Series Working Papers OxCarre Research Paper 15, University of Oxford, Department of Economics.
    6. Elshurafa, Amro M. & Alatawi, Hatem & Hasanov, Fakhri J. & Algahtani, Goblan J. & Felder, Frank A., 2022. "Cost, emission, and macroeconomic implications of diesel displacement in the Saudi agricultural sector: Options and policy insights," Energy Policy, Elsevier, vol. 168(C).
    7. Yahya Z. Alshehhi, 2017. "Demand And Supply Of Labor Market: A Case Of Uae," APSTRACT: Applied Studies in Agribusiness and Commerce, AGRIMBA, vol. 10(4-5), April.
    8. Konrad Gunesch, "undated". "The Naturel Resourse Curse: A Socioeconomic and Sociopolitical Analysis of Causes and Symptoms Combined with Macroeconomic Solution Suggestions for International Development Policy and Practice," Review of Socio - Economic Perspectives 201821, Reviewsep.
    9. Wills, Samuel, 2018. "Leave the volatility fund alone: Principles for managing oil wealth," Journal of Macroeconomics, Elsevier, vol. 55(C), pages 332-352.
    10. International Monetary Fund, 2015. "Saudi Arabia: Selected Issues," IMF Staff Country Reports 2015/286, International Monetary Fund.
    11. Ishac Diwan & Tarik Akin, 2015. "Fifty Years of Fiscal Policy in the Arab Region," Working Papers 914, Economic Research Forum, revised May 2015.
    12. Reda Cherif & Fuad Hasanov, 2014. "Soaring of the Gulf Falcons: Diversification in the GCC Oil Exporters in Seven Propositions," IMF Working Papers 2014/177, International Monetary Fund.
    13. Mr. Alberto Behar, 2015. "Comparing the Employment-Output Elasticities of Expatriates and Nationals in the Gulf Cooperation Council," IMF Working Papers 2015/191, International Monetary Fund.

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