SHS Web Conf.
Volume 56, 2018International Conference on Leadership and Management (ICLM 2018)
|Number of page(s)||14|
|Section||Agile Leadership & Preemptive Global Business Management|
|Published online||14 November 2018|
Linkages creation and economic diversification: The case of Muslim countries
Ahlia University, Business and Finance, 10878 Manama, Kingdom of Bahrain
* Corresponding author: firstname.lastname@example.org
Economic diversification increases the ability of the economy to produce goods and services. In developing countries, including oil producers, high degree of dependence on limited number of commodities for exports could make the economy vulnerable to changes in global markets. Recent decline in oil prices has been responsible for budget deficits, inflation, unemployment, currency devaluation and financial instability. Economic diversification balances development by reducing the risk of high degree of trade concentration. This paper highlights the importance of economic diversification for promoting development in Muslim countries. Restructuring the productive system through knowledge creation, innovation and industrialization allows the economy to generate linkages and stimulates sectoral productivity. The paper examines the causes and consequences of high dependency on trade. Muslim countries must initiate policies to increase cooperation, invest in human capital, attract FDI and increase integration in the digital economy.
© The Authors, published by EDP Sciences, 2018
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0 (http://creativecommons.org/licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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