Transformations in Socio-Economic Development of the Gulf Group States
DOI:
https://doi.org/10.17059/2017-2-21Keywords:
socio-economic system, transformation, national economy, non-oil segment, growth factors, macroeconomic indicators, regional economic growth, GCC, Gulf Group States, West AsiaAbstract
The article is devoted to the national economy transformations of the GCC States (Cooperation Council for the Arab States of the Gulf countries). This paper analyzes the dynamics of socio-economic development of the Gulf Group countries for the last 10 years, compares and systematizes the traditional and unique statistical data in order to prove the hypothesis that the positive dynamics was not only due to the high hydrocarbon prices on the global market but also to the successful structural transformation. The growth of the regional economy in the conditions of an almost threefold drop in world oil prices over the past three years is shown. We use systemic approach, comparative and statistical analysis. As the analysis of economic situation and development in the GCC countries at the current stage shows, all of them need to change the structure of the national economy and diversify it in order to reduce the dependence from mining industries, world prices fluctuations. This paper proposes a number of practical considerations and appropriate measures for the formation of more rational structure of the national economies, including the diversification of the sources of budget revenues through expanding industrialization; accelerating development of solid minerals and the creation of new industries using them. As Gulf States belong to the group of emerging countries and the structure of their national economies is similar with the Russian economy, the factors of the positive changes of the national economies will be useful for Russian and foreign researchers.References
Biryukov, E. S. (2015). Mekhanizm strukturnoy perestroyki ekonomiki v stranakh Zaliva. [The mechanism of economic restructuring in the GCC states]. Aziya i Afrika segodnya [Asia and Africa today], 1(690), 38–44. (In Russ.)
Shkvarya, L. V. (2015). Preobrazovaniya v arabskikh stranakh SSAGPZ i nekotoryye ikh rezultaty v XXI veke [Transformations in the Arab countries of the GCC and some of their results in the XXI century]. Upravlenie ekonomicheskimi sistemami: elektronnyy nauchnyy zhurnal [Management of Economic Systems. Scientific Electronic Journal], 7(79), 9. (In Russ.)
Aidrous, I. A .Z. (2015). Razvitie mezhdunarodnogo sotrudnichestva Bakhreyna v neftegazovoy sfere i rol vneshnego faktora [Development of international cooperation of Bahrain in oil and gas sector and the role of external factors]. Nauchnoye obozrenie. Seriya 1: Ekonomika i pravo [Scientific Review. Series 1: Economics and Law], 5, 5–15. (In Russ.)
Shkvarya, L. V. (2010). Rossiysko-arabskoye sotrudnichestvo: formirovanie vzaimnykh interesov [The Russian-Arab cooperation: mutual interests formation]. Rossiya i musulmanskiy mir [Russia and the Muslem world], 8, 120–131. (In Russ.)
Barakhimi, А. Kh. (1998). Hajm wa afaq altakamul aliqtisady. [The scope and prospects of Arab economic integration]. Abu Dhabi: The Centre for Strategic Studies, 58 (origin in Arabic).
Heikhal, A. A. (2006). Alutur alnathariya liltakatulat aliqtisadiya. [Theoretical framework economic groups]. Beirut: The Arab thought Found , 46 (origin in Arabic).
Balassa, B. (1962). The Theory of Economic Integration. Howewood, Illinous: Routledge, Taylor & Francis Group, 304
Khalid, S. A. (2015). GCC’s Economic Cooperation and Integration: Achievements and Hurdles. Mecca: AlJazeera Centre for Studies, 52.
Aidrus, I. A. Z. (2014). Razvitie islamskikh finansov: rol korolevstva Bahreyn [Islamic finance development: a role of the Kingdom of Bahrain]. Finansy i kredit [Finance and Credit], 47(623), 39–47. (In Russ.)
Isaev, M. N. (2013). Innovatsionnoye razvitie stran Persidskogo Zaliva: sovremennoye polozhenie [Innovative development of the Persian gulf: current situation]. Gornyy informatsionno-analiticheskiy byulleten [Mining informational and analytical bulletin], 12, 327–332. (In Russ.)
Cherif, R. (2014). Soaring of the Gulf Falcons: Diversification in the GCC Oil Exporters in Seven Propositions. Working Paper, 14 (177), International Monetary Fund, Washington.
Rusakovich, V. I. (2015). Dinamika i struktura vneshney torgovli stran Zaliva: osnovnyye trendy v XXI veke [Dynamics and structure of foreign trade of the Gulf countries: the main trends in the XXI century]. Upravlenie ehkonomicheskimi sistemami: ehlektronnyy nauchnyy zhurnal [Economic systems management: an electronic scientific journal], 7(79), 8. (In Russ.)
Rusakovich, V. I. (2009). Investitsionnyy klimat arabskikh stran [Investment regimes in the Arab countries]. Gornyy informatsionno-analiticheskiy byulleten (nauchno-tekhnicheskiy zhurnal) [Mining informational and analytical bulletin], 9, 382–387. (In Russ.)
Rusakovich, V. I. (2014). Sotsialno-ekonomicheskie protsessy v stranakh Zaliva i rol zanyatosti [Socio-economic processes in the Gulf and the role of employment]. Gornyy informatsionno-analiticheskiy byulleten (nauchno-tekhnicheskiy zhurnal) [Mining informational and analytical bulletin], 2, 244–248. (In Russ.)
Rusakovich, V. I. (2009). Vozmozhnosti i napravleniya uchastiya stran Persidskogo zaliva v mirovykh protsessakh migratsii kapitala [Opportunities and directions of Persian gulf’s countries in the global processes of capital migration]. Vestnik Rossiyskogo universiteta druzhby narodov. Seriya Ekonomika [Journal of Peoples’ Friendship University of Russia. Economy Series], 3, 27–36. (In Russ.)
Hvidt, M. (2013). Economic Diversification in GCC Countries: Past Record and Future Trends. Research Paper 27. Kuwait Programme on Development, Governance and Globalisation in the Gulf States, London School of Economics and Political Science, London, 145.
Melkumyan, E. S. (1999). SSAGPZ v globalnykh i regionalnykh protsessakh [GCC in global and regional processes]. Moscow: Institute for the Study of Israel and the Middle East. Institute of oriental studies. Russian Academy of Science, 197. (In Russ.)
George, T. A. & Hamid, R. D. (2003). Challenges of Growth and Globalization in the Middle East and North Africa. International Monetary Fund. Retrieved from: http://www.imf.org/external/pubs/ft/med/2003/eng/abed.htm (date of access: 16.12.2016).
Kravchuk, V. I. & Rusakovich, V. I. (2014). Svobodnyye ehkonomicheskie zony v OAEH kak instrument zashchity natsionalnykh interesov [Free economic zones in the UAE as national interests protection tool]. Mirovaya ekonomika v usloviyakh “upravlyaemogo haosa” i pozitsii Rossii [World economy in condition of «controlled chaos» and the position of Russia]. Мoscow: Econ-Inform Publ., 205. (In Russ.)
Solovieva, U. V. (2015). Formirovanie i razvitie sistemy transfera tekhnologiy v Rossii i za rubezhom [Formation and development of technology transfer system in Russia and abroad]. Voprosy ekonomiki [Economics Issues], 4, 131–141. (In Russ.)
Solovieva, U. V. (2014). Organizatsionnyye osobennosti transfera tekhnologiy: zarubezhnyy opyt [Organizational Aspects of Technology Transfer: Foreign Experience]. Vestnik Rossiyskogo universiteta druzhby narodov. Seriya Ekonomika [Journal of Peoples’ Friendship University of Russia. Economy Series], 3, 136–146. (In Russ.)
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2017 Lyudmila Vasilievna Shkvarya, Elena Dmitrievna Frolova
This work is licensed under a Creative Commons Attribution 4.0 International License.
