Economic diversification and the road to sustainable development

by Richard Shediac, Rabih Abouchakra Chadi N.Moujaes & Mazen Ramsay July 3, 2008

written by Richard Shediac, Rabih Abouchakra Chadi N.Moujaes & Mazen Ramsay July 3, 2008

A strong, sustainable economy enhances a nation’s standard of living, creates wealth and jobs, encourages the development of new knowledge and technology and helps ensure a stable political climate. Economic diversity across a wide range of profitable sectors and sustainability are intrinsically linked, and are key to a sustainable economy. Economic diversification can also reduce a nation’s economic volatility and increase its real activity performance. Can diversification drive sustainability? Many Gulf Cooperation Council (GCC) countries are “transforming” their economies from being based on a single commodity to being robust, diversified ones. Hydrocarbon rich GCC countries, with economies heavily dependent on oil and gas, face sizeable challenges in diversifying. It is therefore opportune to highlight the need to create sustainable economies. As such, closely examining GCC economies, G7 economies, and transformation economies (Hong Kong, Ireland, New Zealand, Norway, Singapore, and South Korea) enabled the evaluation of trends in and potential relationships

Richard Shediac

Bachelor's in Civil Engineering, American University of Beirut; MSc in Engineering Management, George Washington University; MBA, University of Chicago. With Booz & Company: Senior Partner, leader of the firm's public sector practice, and Member, Board of Directors; has worked with governments in the Middle East region across a broad range of policy areas; focuses on the development of sustainable public-sector strategies, restructuring initiatives, operations improvement, and organization development.

Rabih Abouchakra

Rabih Abouchakra is the founder and Managing Director of the Office of Strategic Affairs at the Crown Prince Court, providing socioeconomic thought leadership since 2009. Previously a Partner at Booz & Company, he led the "Organization and Strategy" practice in the Middle East, focusing on public sector modernization and economic planning. He has co-authored several books on government transformation and serves on the boards of Al-Qattara Investments and Al Bayt-Mitwahid Association. Abouchakra holds an MBA from INSEAD and engineering degrees from McGill University, with a British Medal of Great Distinction.

Chadi N.Moujaes

Chadi N. Moujaes is a Partner at Strategy& and a member of the Government and Public Sector practice. He is dedicated to enhancing community and national well-being through citizen-focused social and economic policies. Chadi specializes in socioeconomic development, innovation, and human capital development, leveraging digital technologies to modernize government functions. His extensive experience includes developing education and socioeconomic reform strategies and creating innovation clusters to drive economic growth and job creation.

Mazen Ramsay

Mazen is a Co-Founder at Phoenician Funds and currently serves as a Senior Advisor, supporting investment decisions and portfolio companies. With over 15 years of experience in advisory and banking with institutions like McKinsey and Booz & Co., he leads McKinsey’s Risk and Regulatory practice in the Middle East. Mazen has directed over 30 initiatives for major governments and institutions, spanning economic visions, eGovernment, Sovereign Wealth Funds, and regulatory frameworks. He holds a PhD and Master's in financial economics from Manchester Business School and a Bachelor's degree from the American University of Beirut.

Economic diversification and the road to sustainable development

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