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Economies that depend primarily on a single resource are exposed to ongoing shocks, but an export-based diversification strategy can alleviate the tremors. Hundreds of billions of dollars have been flowing into the oil-producing nations of the Gulf Cooperation Council (CCC), but one of the most important policy debates - how to transform that wealth into sustainable long-term economic development - is just beginning in earnest. It's a debate that has broad relevance not just for the Middle East, but for all the world's large oil producers, such as Russia, Nigeria, and Venezuela.
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