Diversification yet to make a big difference to GCC economies | GulfNews.com:
"Economic diversification efforts of Gulf Cooperation Council (GCC) countries in the recent years to withstand oil price volatility has yielded only limited success, according to analysts.
Now that oil prices have fallen to below $60 (Dh220) per barrel from around $100 in the past few months, the spending plans of most GCC countries will come under pressure that will be reflected in the non-oil economic growth across the GCC.
“Sustainable growth [of GCC economies] that is independent from the vagaries of the international commodities market will require a significant step-up of productive job creation and an improvement in the skills and productivity of their young workforces,” said Moritz Kraemer, S&P’s head of sovereign ratings for Europe, the Middle East and Africa."
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