Financial Diversification and Implications of Growth Reviewing MENA Economic Policies

Abstract

Purpose: This article analyses the scope and the need for financial diversification in the Arab region and shows the current challenges and plans for countries to diversify. Methodology: It reviews current policies and obstacles which may implicate the process of diversification, and well as re-iterates the benefits of doing so in both the short and long term and the need to consider economic diversity for sustainability. Implications: As oil and gas prices fluctuate and shrink in the global markets and the remaining resources are depleted, relying on other sectors has become the vision for the progress of MENA countries. Some have accepted the challenges and invested in developing their infrastructure, as and other parts of their economies while, others in the region are yet to take action. This research will aid in developing efficient policies aligned with global indices. Limitations: The research used pre-existing information from multiple sources and did not have access to uniform comparisons between countries selected. Findings: Finally, the article concludes with recommendations for policy makers to consider for a positive trajectory in financial diversification and overall economic growth. Keywords: Financial Diversification, MENA, GCC, Policy, Economic Development, Sustainable Development.