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Essay / Research Paper Abstract
A 13 page overview of the importance of economic diversification in the Persian Gulf States. Stresses that a move away from an oil-based economy is critical if these countries are to survive. Provides suggestions for alternative economic activities including recycling of natural resources (particularly oil), foreign investments, tourism and technology based innovations. Bibliography lists 12 sources.
Page Count:
13 pages (~225 words per page)
File: D0_Econdive.doc
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Unformatted sample text from the term paper:
primary economic base is a potential for economic collapse. Although the oil industry disagrees, experts contend that the production of conventional oil will begin a decline over the next
decade (Business Wire, 1998). This prediction is particularly critical since it is conventional oil, that cheap easily recoverable crude oil, supplies an approximate ninety-five percent of the worlds oil
supplies (Business Wire, 1998). This decline will inevitable affect the Persian Gulf Countries whose primary export product is oil as well as the rest of the world.
Exports of crude oil currently comprises eighty percent of these countries income and one third of their Gross Domestic Product (Mardini, 1996). Loss of the resource through overexploitation
could mean economic disaster. These countries recognize this fact and have taken steps to improve their economic plights. Conferences are being scheduled throughout these countries to address the
potentially dire economic realities (Compass Media Inc., 1997). Most of the Persian Gulf countries have, in fact, implemented five-year development plans which call for a reduced dependence on oil
and other natural resources which presently comprise a substantially high percentage of their economies (Mardini, 1996). Numerous changes can, and are, being made which will be critical in ensuring
the economic welfare of these countries in the coming century (Mardini, 1996). Oman, only one of the Persian Gulf countries, presents an interesting example of the present and
future economics of the area. Omans population is currently comprised of largely young people, sixty one percent of the population in fact is under twenty years of age (The
European Limited, 1997). To serve the needs of this population Oman is one of the most progressive of the Gulf countries. They recognize the need for increased private
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