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Sub-Saharan African countries account for around one-third of the overall, followed by Latin America and the Middle East (the latter 2 together representing over 40% of the total). Consisting of, there has been an (from 90.3 in 2000-04 to 92.6 and 92.3 in the five years pre- and post-pandemic ).
and ranked higher than others; UAE is up more than 45 places in 2024 compared to 2000 while Qatar climbed up 24; both Saudi Arabia and Oman increased 17 ranks during the period. The trapped or worse off nations are some parts of Latin America and Sub-Saharan Africa where structural improvement has actually stalled.
Evaluating Economic Growth Drivers in GCC Nationsshows a considerable boost in typical EDI ratings from 86.8 in 2000-04 to 92.6 in 2020-24, (up more than 10 points in the initial period versus 2020-24). with UAE surpassing in the trade sub-index (supported by current bilateral trade agreements & non-oil exports push). vs its pre-pandemic reading (partially provided the surge in medium & high-tech manufacturing information).
Its diversification metrics have actually stagnated, revealing the least enhancement in between the initial (2000-04) and final (2020-24) reference periods., despite the headwinds of OPEC+ production cuts. A robust non-hydrocarbon expansion was supported by the GCC's robust domestic need (supported by a strong project pipeline and implementation) and strong services sector efficiency.
Why Regional Industrial Diversification Drives GrowthKuwait and Saudi Arabia clocked in an increase in non-hydrocarbon income, "primarily reflecting non-hydrocarbon tax base growths and income collection effectiveness improvements", according to the IMF. In the current geopolitical environment defined by intensifying, it is in the finest interests of commodity dependent countries to diversify its export base, exports and trade partners.
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