Why should resource-based economies diversify?
In the past five decades, the Middle Eastern oil producers have had the least manufacturing and industrial share in their Gross Domestic Product (GDP). Oil and gas nonetheless, continue to account for more than 60 percent of GDP in almost every resource-based economy in the Middle East. However, amid the numerous resource-based economies worldwide, Norway has managed to stand out. It is the singular oil-producer country that has successfully embarked on economic diversification despite its […]