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FACTORS OF ECONOMIC TRANSFORMATION IN THE COUNTRIES – EXPORTERS OF NATURAL RESOURCES (ON THE EXAMPLE OF SOME ARAB COUNTRIES)
Abstract
The aim of the article is to explore real factors of the economic transformation in some Arab countries – exporters of natural resources, such as Saudi Arabia, the United Arab Emirates (the UAE) and the Republic of Sudan, as the concrete examples of limitations, which influence on the potential of development of the transitional economies of the Western Asian and African states. Among the factors of economic development and growth there are not only factors of supply, in the first instance raw materials, capital and labor, but also factors of demand, which have immense importance for developing countries, as they depend strongly on the world market due to particular qualities of national economies structure and achieved stage of development. The authors prove that the Arab countries at present stage of their development do not posses full combination of factors of economic growth, whereas opportunities of inter-Arab integration in these circumstances are limited. It is essential, that deep involvement into trading at the world market by single strategic commodity provides the financial opportunities for acceleration of economic modernization in the resource-rich states, such as Saudi Arabia and the UAE and unlike the Republic of Sudan, but can’t change many of structural economic and socio-economic disparities. Meanwhile threats to sustainable development are growing even for Arab countries – exporters of natural resources with high income from export. The article argues that participation in international economic cooperation on a wider basis is the requirement for economic transformation in considered countries. The methods of economic and structural analysis, the analysis of national accounts were used in the research. The results of this research can be used in further researches of developing countries and ways of their engaging into international economic cooperation.
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