International Journal of Business and Applied Social Science

ISSN: 2469-6501 (Online)

DOI: 10.33642/ijbass
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Call for Papers: VOL: 10, ISSUE: 4, Publication April 30, 2024

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VOLUME; 10, ISSUE; 3, March 2024

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Author(s): Mohammad Alawin
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Abstract:
This study aims to examine the role of non-petroleum production on the economies of the Gulf Corporation Council (GCC) countries for the study period from 1992 through 2021. GCC countries were adopting long-term plans to diversify the economy by expanding the base of domestic production to products other than petroleum. This study adopted an empirical model that depends on several variables to explain the development of economic growth. The model was estimated using a panel data regression method. The results found were generally consistent with the economic theory. The main finding of the model showed that the effect of domestic production of non-petroleum products was positive and statistically significant on economic growth. However, the road is still long. To achieve the goal of diversifying the economies to the point of substantial dependence on the non-petroleum sector, more efforts will be necessary.
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