TRANSFORMATIONS IN SOCIO-ECONOMIC DEVELOPMENT OF THE GULF GROUP STATES
The article is devoted to the national economy transformations of the GCC States (Cooperation Council for the Arab States of the Gulf countries). This paper analyzes the dynamics of socio-economic development of the Gulf Group countries for the last 10 years, compares and systematizes the traditio...
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| Format: | Article |
| Language: | English |
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Russian Academy of Sciences, Institute of Economics of the Ural Branch
2017-06-01
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| Series: | Экономика региона |
| Subjects: | |
| Online Access: | http://www.economyofregion.com/archive/2017/65/2945/pdf/ |
| _version_ | 1797763743674793984 |
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| author | Lyudmila Vasilievna Shkvarya Elena Dmitrievna Frolova |
| author_facet | Lyudmila Vasilievna Shkvarya Elena Dmitrievna Frolova |
| author_sort | Lyudmila Vasilievna Shkvarya |
| collection | DOAJ |
| description | The article is devoted to the national economy transformations of the GCC States (Cooperation Council
for the Arab States of the Gulf countries). This paper analyzes the dynamics of socio-economic development
of the Gulf Group countries for the last 10 years, compares and systematizes the traditional and unique statistical
data in order to prove the hypothesis that the positive dynamics was not only due to the high hydrocarbon
prices on the global market but also to the successful structural transformation. The growth of the regional
economy in the conditions of an almost threefold drop in world oil prices over the past three years is
shown. We use systemic approach, comparative and statistical analysis. As the analysis of economic situation
and development in the GCC countries at the current stage shows, all of them need to change the structure
of the national economy and diversify it in order to reduce the dependence from mining industries, world
prices fluctuations. This paper proposes a number of practical considerations and appropriate measures
for the formation of more rational structure of the national economies, including the diversification of the
sources of budget revenues through expanding industrialization; accelerating development of solid minerals
and the creation of new industries using them. As Gulf States belong to the group of emerging countries
and the structure of their national economies is similar with the Russian economy, the factors of the positive
changes of the national economies will be useful for Russian and foreign researchers. |
| first_indexed | 2024-03-12T19:45:44Z |
| format | Article |
| id | doaj.art-f26c285377404eb49cc065d9e97640fe |
| institution | Directory Open Access Journal |
| issn | 2072-6414 2411-1406 |
| language | English |
| last_indexed | 2024-03-12T19:45:44Z |
| publishDate | 2017-06-01 |
| publisher | Russian Academy of Sciences, Institute of Economics of the Ural Branch |
| record_format | Article |
| series | Экономика региона |
| spelling | doaj.art-f26c285377404eb49cc065d9e97640fe2023-08-02T03:34:11ZengRussian Academy of Sciences, Institute of Economics of the Ural BranchЭкономика региона2072-64142411-14062017-06-0113257057810.17059/2017-2-21TRANSFORMATIONS IN SOCIO-ECONOMIC DEVELOPMENT OF THE GULF GROUP STATESLyudmila Vasilievna Shkvarya0Elena Dmitrievna Frolova1Peoples’ Friendship University of Russia Ural Federal UniversityThe article is devoted to the national economy transformations of the GCC States (Cooperation Council for the Arab States of the Gulf countries). This paper analyzes the dynamics of socio-economic development of the Gulf Group countries for the last 10 years, compares and systematizes the traditional and unique statistical data in order to prove the hypothesis that the positive dynamics was not only due to the high hydrocarbon prices on the global market but also to the successful structural transformation. The growth of the regional economy in the conditions of an almost threefold drop in world oil prices over the past three years is shown. We use systemic approach, comparative and statistical analysis. As the analysis of economic situation and development in the GCC countries at the current stage shows, all of them need to change the structure of the national economy and diversify it in order to reduce the dependence from mining industries, world prices fluctuations. This paper proposes a number of practical considerations and appropriate measures for the formation of more rational structure of the national economies, including the diversification of the sources of budget revenues through expanding industrialization; accelerating development of solid minerals and the creation of new industries using them. As Gulf States belong to the group of emerging countries and the structure of their national economies is similar with the Russian economy, the factors of the positive changes of the national economies will be useful for Russian and foreign researchers.http://www.economyofregion.com/archive/2017/65/2945/pdf/socio-economic systemtransformationnational economynon-oil segmentgrowth factorsmacroeconomic indicatorsregional economic growthGCCGulf Group StatesWest Asia |
| spellingShingle | Lyudmila Vasilievna Shkvarya Elena Dmitrievna Frolova TRANSFORMATIONS IN SOCIO-ECONOMIC DEVELOPMENT OF THE GULF GROUP STATES Экономика региона socio-economic system transformation national economy non-oil segment growth factors macroeconomic indicators regional economic growth GCC Gulf Group States West Asia |
| title | TRANSFORMATIONS IN SOCIO-ECONOMIC DEVELOPMENT OF THE GULF GROUP STATES |
| title_full | TRANSFORMATIONS IN SOCIO-ECONOMIC DEVELOPMENT OF THE GULF GROUP STATES |
| title_fullStr | TRANSFORMATIONS IN SOCIO-ECONOMIC DEVELOPMENT OF THE GULF GROUP STATES |
| title_full_unstemmed | TRANSFORMATIONS IN SOCIO-ECONOMIC DEVELOPMENT OF THE GULF GROUP STATES |
| title_short | TRANSFORMATIONS IN SOCIO-ECONOMIC DEVELOPMENT OF THE GULF GROUP STATES |
| title_sort | transformations in socio economic development of the gulf group states |
| topic | socio-economic system transformation national economy non-oil segment growth factors macroeconomic indicators regional economic growth GCC Gulf Group States West Asia |
| url | http://www.economyofregion.com/archive/2017/65/2945/pdf/ |
| work_keys_str_mv | AT lyudmilavasilievnashkvarya transformationsinsocioeconomicdevelopmentofthegulfgroupstates AT elenadmitrievnafrolova transformationsinsocioeconomicdevelopmentofthegulfgroupstates |