Comparative Analysis of Economic Diversification Paths in Oil-Producing Countries and Other Commodity-Dependent Economies

EasyChair Preprint 13861

Abstract

This paper provides a comprehensive analysis of economic diversification paths in oil-producing countries, and other commodity-dependent economies, utilizing the Global Economic Diversification Index (EDI) dataset 2024. The study spans over two decades, offering a detailed investigation into the varying success, and strategies employed by these countries to reduce their dependence on a single commodity. Through quantitative analysis, and qualitative case studies, the research examines the role of policy interventions, technological advancements, and global economic conditions in influencing diversification outcomes. Key findings highlight the importance of robust policy frameworks, investment in human capital, and technological innovation as critical determinants of successful economic diversification. The paper also explores the challenges faced by countries with significant commodity dependence, such as political instability, and inadequate infrastructure, which can impede diversification efforts. By providing comparative insights between oil-producing nations, and other commodity-dependent economies, this study offers valuable policy recommendations for countries aiming to enhance their economic resilience, and achieve sustainable growth. The results underscore the need for comprehensive strategies that address both structural, and external factors affecting economic diversification.

Keyphrases: EDI, Economic diversification, Policy interventions, commodity-dependent economies, comparative analysis, oil-producing countries, technological innovation

@booklet{EasyChair:13861,
  author    = {Ibrahim Musa},
  title     = {Comparative Analysis of Economic Diversification Paths in Oil-Producing Countries and Other Commodity-Dependent Economies},
  howpublished = {EasyChair Preprint 13861},
  year      = {EasyChair, 2024}}