文章基本信息

标题：Determinants of Economic Development: A Case of Gulf Cooperation Council (GCC) Countries
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作者：Zhang, M.
期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2019
卷号：11
期号：11
页码：12-18
DOI：10.5539/ijef.v11n11p12
出版社：Canadian Center of Science and Education
摘要：The main objective of this research is to identify the determinants of economic development in Gulf Cooperation Council (GCC) countries over the period of 1996-2016. The economic growth of GCC countries has slowed down due to a sharp drop in oil prices as GCC countries are depending on oil exportation for their economies. The GCC countries preferred to diversify their economies through the strategic plans called Vision 2030. The Vision 2030 for Gulf countries started in Saudi Arabia in 26 April 2016 when the Crown Prince (Mohammad bin Salman Al-Saud) declared that Saudi Arabia has to not depend on oil exportation substantially and that the diversification of oil is a must. The economic growth can be measured through the gross domestic production (GDP). Higher GDP indicates a better economy and higher standards of lives (welfare). Based on this, this research is finding the main indicators of economic development through regressions of fixed-effects model (FEM), random-effects model (REM), generalized methods of moments (GMM) and generalized least squares (GLS) models. The results show that production and rule of law strongly support the economy. In contrast, political instability and a larger population impact economic growth significantly and negatively. In addition, the global financial crisis (GFC) also decreased the economic strength significantly. This study helps the policymakers in economics sector to focus on the positive determinants and to avoid (or reduce) the implementation of the negative factors. In addition, the researcher on economics can be benefited from this study.
关键词：gross domestic production; Gulf Cooperation Council; economic growth; Vision 2030