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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 to several sectors and markets. This type of financial shift is currently 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 transformation.
The GCC area is undergoing a transformative phase focused on financial diversity and sustainable advancement.
A strong motorist behind financial diversification and green shift plans in the GCC is the well-documented effect of climate modification in the region being experienced now and in the future. The World Bank approximates that as much as 100 million individuals in the Middle East, consisting of the GCC, will suffer from water tension by 2025, with portions of the area expected to become uninhabitable by the end of the century due to water shortage and high temperature levels.
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