DD209A - Economic Crisis in Arab Gulf Countries: Causes and Impacts
VerifiedAdded on 2023/04/20
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Essay
AI Summary
This essay analyzes the economic crisis in Gulf countries caused by falling oil prices, referencing the DD209A course material. It examines factors contributing to the price decline, including decreased demand from major economies like China and increased oil production in countries like the US and Canada. The essay discusses the impact on Gulf countries' GDP, highlighting diversification efforts in sectors like tourism and manufacturing. It concludes that while Gulf countries face challenges, diversification and potential cuts in oil production could lead to future growth, but countries heavily reliant on oil need to reduce their dependency. The essay uses graphs and data to support its analysis of the shift from oil-based economies to other sectors, referencing the Arab Open University course and Rubina Vohra's paper on the impact of oil prices on GCC economies.
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