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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 source of earnings to numerous sectors and markets. This kind of financial shift is presently underway in the Gulf Cooperation Council (GCC) region, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing rapid socio-economic change.
The GCC region is undergoing a transformative phase focused on economic diversification and sustainable development.
A strong chauffeur behind financial diversification and green transition plans in the GCC is the well-documented effect of environment 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 suffer from water stress by 2025, with parts of the region anticipated to become uninhabitable by the end of the century due to water deficiency and heats.
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