Post-rentier Economic Challenges

Abstract

The rentier states of the Middle East face a combination of political and economic challenges as they seek to reduce their reliance on volatile oil and gas revenues and diversify their economies. This article examines how the political economy of the six Gulf Cooperation Council (GCC) states remains heavily dependent on the hydrocarbon sector and analyses the policy responses to the fall in world oil prices since 2014. Sections in the article examine the definitional aspect of rentier state theory, nature of the redistributive welfare state that developed in the 1970s in each Gulf State, and the political aspect of economic measures that seek to reform aspects of the distinctive political economy that has underpinned socio-political and economic stability for the past five decades.

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