Pressure has forced the local tyrants on the road of “chasing stars”?
The sorrow of the landlord’s home: How difficult is it to become rich in the next century?
The search for economic engines other than oil has not started in recent years. As early as the 1980s, the UAE was implementing a strategy of economic diversification and smoothly changing the economic outlook that relied solely on oil, adjusting its oil revenue to 30% of its gross national product.
However, compared with other countries, this ratio is still too high and is closely linked to international oil prices. For example, the drop in international crude oil prices in 2014 directly led to the economic slowdown of the UAE in 2015 and 2016. During the COVID-19 pandemic, the oil futures surging positions have also brought a lot of impact.
So the UAE also plans to reduce the proportion of oil in GDP to 20% in 2021.
To reduce the proportion of oil, non-oil revenue and industry should naturally increase investment. The UAE is indeed doing the same. The non-oil sector also grew faster than the oil sector in 2019.
What industries are there? Internet e-commerce, finance, conventions and exhibitions, foreign trade, aviation tourism, etc. have become the “new economy and knowledge economy” of the UAE. Everything was fine originally, but the location of the UAE is easy to be “pitted”. Once the conflict between Iran and Iran, or the impact of the new crown epidemic, will directly lead to the depression of these industries, various expositions, trade wars, bounced tickets, and even the escape of foreign capital and the withdrawal of foreign employees, the government’s fiscal revenue will directly decrease.
The ever-changing regional situation has discouraged some investors and locked the UAE’s economic diversification ceiling.
More importantly, as the name suggests, the UAE is a federal country, and the oil between the emirates