Dynamics In Economic Diversification In Oil Producing African Countries Implications For Policy Formulation
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Author | : Abraham Lartey |
Publisher | : |
Total Pages | : 16 |
Release | : 2018 |
Genre | : |
ISBN | : |
The recent slump in crude oil prices in global markets has taken a serious toll on oil producing countries. Producers in Africa are not left out as evidenced in slower growth, rising fiscal deficit, debt problems and deteriorating current account balance. Economic diversification is viewed as means of avoiding the resource curse problems by fostering long term economic growth. This study therefore reviews the trends and dynamics in economic diversification in oil producing countries. The study argues that the resource curse can only be avoided when the revenues generated from the exploitation of oil are invested in other productive sectors of the economy thereby decoupling economic growth from the extractive sector. The study revealed that the economies of these countries are still reliant on the petroleum sector despite numerous efforts and strategies aimed diversification. The agricultural and manufacturing sectors continues to perform poorly due to bottlenecks such as unfriendly business environment, governance challenges and inadequate supply of power inherent in these countries .The study therefore recommends policies aimed at removing these barriers to serve as catalyst for the diversification agenda.
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 87 |
Release | : 2011-04-06 |
Genre | : |
ISBN | : 926409623X |
This study provides an empirical review of the role of governments, the private sector, regional economic institutions and the broader international community in driving economic diversification.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 41 |
Release | : 2016-04-29 |
Genre | : Business & Economics |
ISBN | : 1498345697 |
countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges. The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and employment. Because oil is an exhaustible resource, new sectors need to be developed so they can take over as the oil and gas industry dwindles. Over-reliance on oil also exacerbates macroeconomic volatility. Greater economic diversification would unlock job-creating growth, increase resilience to oil price volatility and improve prospects for future generations. Macro-economic stability and supportive regulatory and institutional frameworks are key prerequisites for economic diversification...
Author | : Dongyeol Lee |
Publisher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 2019-05-24 |
Genre | : Business & Economics |
ISBN | : 1498315658 |
Export structure is less diversified in low-income countries (LICs) and especially small states that face resource constraints and small economic size. This paper explores the potential linkages between export structure and economic growth and its volatility in LICs and small states, using a range of indices of export concentration differing in the coverage of industries. The empirical analysis finds that export diversification may promote economic growth and reduce economic volatility in these countries. Furthermore, the analysis demonstrates that the economic benefits of export diversification differ by country size and income level—there are bigger benefits for relatively larger and poorer countries within the group of LICs and small states.
Author | : Mr.Tim Callen |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2014-12-23 |
Genre | : Business & Economics |
ISBN | : 1498303234 |
Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil market, help create jobs in the private sector, increase productivity and sustainable growth, and help create the non-oil economy that will be needed in the future when oil revenues start to dwindle. The GCC countries have followed many of the standard policies that are usually thought to promote more diversified economies, including reforms to improve the business climate, the development of domestic infrastructure, financial deepening, and improvements in education. Nevertheless, success to date has been limited. This paper argues that increased diversification will require realigning incentives for firms and workers in the economies—fixing these incentives is the “missing link” in the GCC countries’ diversification strategies. At present, producing non-tradables is less risky and more profitable for firms as they can benefit from the easy availability of low-wage foreign labor and the rapid growth in government spending, while the continued availability of high-paying and secure public sector jobs discourages nationals from pursuing entrepreneurship and private sector employment. Measures to begin to address these incentive issues could include limiting and reorienting government spending, strengthening private sector competition, providing guarantees and financial support for those firms engaged in export activity, and implementing labor market reforms to make nationals more competitive for private sector employment.
Author | : Richard S. Newfarmer |
Publisher | : Oxford University Press |
Total Pages | : 472 |
Release | : 2018 |
Genre | : Business & Economics |
ISBN | : 0198821883 |
A study prepared by the United Nations University World Institute for Development Economics Research (UNU-WIDER)
Author | : Mr.Hamid R Davoodi |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2003-09-05 |
Genre | : Business & Economics |
ISBN | : 9781589062290 |
The Middle East and North Africa (MENA) is an economically diverse region. Despite undertaking economic reforms in many countries, and having considerable success in avoiding crises and achieving macroeconomic stability, the region’s economic performance in the past 30 years has been below potential. This paper takes stock of the region’s relatively weak performance, explores the reasons for this out come, and proposes an agenda for urgent reforms.
Author | : |
Publisher | : |
Total Pages | : 300 |
Release | : 2003 |
Genre | : Computer network resources |
ISBN | : |
Author | : Daniel Lederman |
Publisher | : World Bank Publications |
Total Pages | : 153 |
Release | : 2012-06-18 |
Genre | : Business & Economics |
ISBN | : 0821384910 |
Does what economies export matter for development? If so, can industrial policies improve on the export basket generated by the market? This book approaches these questions from a variety of conceptual and policy viewpoints. Reviewing the theoretical arguments in favor of industrial policies, the authors first ask whether existing indicators allow policy makers to identify growth-promoting sectors with confidence. To this end, they assess, and ultimately cast doubt upon, the reliability of many popular indicators advocated by proponents of industrial policy. Second, and central to their critique, the authors document extraordinary differences in the performance of countries exporting seemingly identical products, be they natural resources or 'high-tech' goods. Further, they argue that globalization has so fragmented the production process that even talking about exported goods as opposed to tasks may be misleading. Reviewing evidence from history and from around the world, the authors conclude that policy makers should focus less on what is produced, and more on how it is produced. They analyze alternative approaches to picking winners but conclude by favoring 'horizontal-ish' policies--for instance, those that build human capital or foment innovation in existing and future products—that only incidentally favor some sectors over others.
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 532 |
Release | : 2019-07-11 |
Genre | : |
ISBN | : 9264429514 |
This edition analyses how trade can contribute to economic diversification and empowerment, with a focus on eliminating extreme poverty, particularly through the effective participation of women and youth. It shows how aid for trade can contribute to that objective by addressing supply-side capacity and trade-related infrastructure constraints, including for micro-, small- and medium-sized enterprises notably in rural areas.