For the past four decades, the Gulf Cooperation Council states have shown remarkable economic growth, yet they are still challenged by a volatility they need to eradicate if they are to diversify away from oil and become powerhouse emerging economies.
Between 1992 and 2011, the standard deviation of the GCC, excluding Kuwait, for economic growth – a measure of volatility – ranged from 2.65 per cent in Bahrain to 6.6 per cent in Qatar, compared with 1.67 and 2.1 per cent in high-income OECD countries and China respectively.
The economic volatility is compounded by several factors.
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