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- W1536554695 abstract "This paper attempts to explain the determinants of economic growth in the United Arab Emirates (UAE) using growth accounting and regression models. The findings indicate the predominance of labour in aggregate growth and a negative contribution by total factor productivity growth (TFPG). In addition to institutional changes and liberal economic policies that encourage re-exports rather than genuine non-oil exports, the evidence on TFPG has been attributed to wide fluctuations in oil price and income that constitute the main omitted variables in TFPG, which is measured as a residual. Econometric results confirm that, unlike the case of countries with diverse resources, natural resource abundance, represented by oil exports, spurs growth in an oil-dependent country such as the UAE. Similarly, changes in oil prices have strong positive effects on economic growth, while all other variables have no important effects, indicating the relatively weak contribution of the non-oil sector. The study discusses policy options for productivity enhancement and for strengthening the trend of increasing genuine exports in recent years as means of achieving true economic diversification and sustainable development." @default.
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- W1536554695 date "2006-01-01" @default.
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- W1536554695 title "Chapter 12 Explaining Growth in an Oil-Dependent Economy: The Case of the United Arab Emirates" @default.
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- W1536554695 doi "https://doi.org/10.1016/s0573-8555(06)78012-9" @default.
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