Oil-exporting countries are often advised to diversify their economies, yet surprisingly little is known about how this can be done. Research on this issue has been constrained by missing and inconsistent data, selection bias, and the use of uninformative measures of diversification. This paper...

A key priority for the Gulf Cooperation Council (GCC) countries is to create a dynamic non-oil tradable sector to support sustainable growth. Since export diversification takes a long time, it has to start now. We argue that the failure to diversify away from oil stems mainly from market...