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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 procedure of transitioning an economy away from dependence on a single sector or income source to multiple sectors and markets. This sort of economic shift is presently underway in the Gulf Cooperation Council (GCC) area, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing fast socio-economic improvement.
The GCC region is going through a transformative phase focused on financial diversification and sustainable advancement.
A strong driver behind financial diversity and green shift plans in the GCC is the well-documented effect of climate change in the region being experienced now and in the future. The World Bank estimates that as much as 100 million individuals in the Middle East, including the GCC, will experience water stress by 2025, with portions of the region anticipated to become uninhabitable by the end of the century due to water shortage and heats.
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