When Can Oil Economies Be Deemed Sustainable?

• Other Authors: Luciani, Giacomo (Editor), Moerenhout, Tom (Editor)
• Format: Electronic Book Chapter
• Language: English
• Published: Springer Nature 2021
• Series: The Political Economy of the Middle East
• Subjects: Political economy; Sustainability; Environmental economics; Energy technology & engineering; Politics & government; Economics; International Political Economy; Sustainable Development; Natural Resource and Energy Economics; Energy Policy, Economics and Management; Middle Eastern Politics; Middle Eastern and North African Economics; International Relations; Environmental Social Sciences; Environmental Economics; Economy-wide Country Studies; Open Access; Sustainability of GCC Development; New Global Oil Order; Economic sustainability in resource-rich states; Gulf Economic Diversification and Sustainable Development; Political Economy of Diversification; Economic Transformation vs. Diversification; Oil and Economic Diversification; Fiscal dimensions of Economic Sustainability; Labour Market dimensions of Economic Sustainability; Hydrocarbon Endowment in the Gulf Region; Normalizing the Saudi Economy; Inclusive Growth in the Gulf Region; Saudi Private Sector's Contribution to Fiscal Sustainability; Economic Sustainability and the Energy Transition; Economic Diversification in the MENA; Peak Oil and the Energy Transition in the MENA; Economic Diversification Through Energy Sector Reform; Energy Pricing Reform in the Gulf Region; Climate Strategy for Producer Countries; Energy industries & utilities; Middle East
• Online Access: OAPEN Library: download the publication; OAPEN Library: description of the publication

This open access book questions the stereotype depicting all Gulf (GCC) economies as not sustainable, and starts a critical discussion of what these economies and polities should do to guarantee themselves a relatively stable future. Volatile international oil markets and the acceleration of the energy transition has challenged the notion that oil revenues are sufficient to sustain oil economies in the near to medium term. But what is the meaning of economic sustainability? The book discusses the multiple dimensions of the concept: economic diversification, continuing value of resources, taxation and fiscal development, labor market sustainability, sustainable income distribution, environmental sustainability, political order (democracy or authoritarianism) and sustainability, regional integration. The overarching message in this book is that we should move on from the simplistic branding of the Gulf economies as unsustainable and tackle the details of which adaptations they might need to undertake.