Innovation, Technology Transfer, and Endogenous Growth in the GCC Countries

Abstract

AbstractThis chapter investigates the economic changes of the GCC countries within the framework of the nature of economic diversification by analyzing innovation performance indices, economic freedom indices, and doing business indicators. This paper shows that the GCC states’ economic strategies are still limited in their ability to affect economic performance so that their economies are still heavily dependent on natural resources. Thus, this study stresses the need for GCC countries to develop technology- and innovation-based private sectors aside from hydrocarbons in accordance with the endogenous growth theory. This research recommends that each GCC state should support investments in the private sector, which can contribute to the development of innovation and technology.