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WAYS OF THE IMPLEMENTATION OF THE ECONOMIC DIVERCIFICATION STRATEGY IN THE OIL-EXPORTING COUNTRIES (ON THE EXAMPLE OF THE ARABIAN MONARCHIES)

G. Gukasyan

Abstract

The aim of the article is to study ways of the implementation of the strategy of the economic diversification in countries – major oil exporters. It is well-known that the expansion of non-oil sources of added value is the main guideline of the economic diversification and decreasing the dependency on oil revenues in the developing countries – oil exporters. Many economists recommend to such states rapid privatization and reduction of the government participation in the economy as almost the only way of the diversification. Meanwhile, the ways of implementation of the diversification strategy in the transitional economies of the Persian Gulf States, as well as in the other developing countries, have a specific character. In particular, progressive economic structure can’t be formed here only due to market forces, which was confirmed even by the experience of new industrial states (South Korea, Singapore, Hong Kong, Taiwan). In the context of the problems of transitional economies the article identifies and argues the ways of the implementation of the strategy of the economic diversification in the countries considered by the author. Special attention is paid to an analysis of the objective conditions of development, existing in these countries. During the research, the author used methods of economic and structural analysis, the method of analysis of national accounts. These results can be used in the implementation of economic policy in the oil-exporting countries.

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