Must-watch: Min Zhu et al.: Breaking the Oil Spell: The Path to Diversification

Must-Watch: Min Zhu et al.: Breaking the Oil Spell: The Path to Diversification: “H.E. Obaid H. Al Tayer… Zeti Akhtar Aziz… J. Bradford DeLong… Simon Johnson… Reda Cherif… Fuad Hasanov…

…Imagine a future in which oil is no longer the main source of energy. Such a future is not necessarily cataclysmic for oil exporters if they succeed in diversifying their economies. To achieve this, however, they must change the prevailing economic model. In the past, countries such as Brazil, Korea, Malaysia, and Singapore have made major strides in economic diversification, and this book distills lessons from their experiences to help guide the Gulf countries and other oil exporters today. Their stories reveal that incentives for firms and workers need to be realigned to develop technologically sophisticated export-oriented industries. More important, their stories show that standard growth policy prescriptions may not be enough and changing incentives for firms and workers is essential. Breaking the Oil Spell sheds light on what constitutes true economic diversification and the role of the state in achieving it.

http://www.imf.org/external/np/seminars/eng/2016/mcd/index.htm | http://bcove.me/5yk1fp5o