Can State-led Entrepreneurship lead to Sustainable Economic Diversification and Development in GCC States?

Gulf Cooperation Council (GCC) states are currently seeking alternative trajectories of economic development that can maintain the political status quo but simultaneously enhance their global economic competitiveness. Yet GCC economies have reported a sharp slowdown since 2016. Their average growth rate fell from 3.1% in 2015 to 2.2% in 2016 and 2.1% in 2017 (World Bank 2017a). This trend suggests that, despite cuts in public sector spending and other austerity measures, GCC economies remain heavily influenced by oil price trends.