Impact of the 2008 crisis on the economic structure of oil exporting countries

The bachelor thesis deals with the impact of the 2008 financial crisis on the economic structures of oil exporting countries. It focuses on the dependence of the Gulf Cooperation Council (GCC) states on oil revenues and examines their economic diversification strategies in response to the crisis, with the United Arab Emirates (UAE) as a special case study. The thesis aims to identify the economic strategies of oil exporting states in response to the 2008 economic crisis and to assess the effectiveness of such strategies using the UAE as a case study. The hypothesis tested is that the 2008 financial crisis accelerated diversification in oil revenue dependent states, specifically the UAE. The paper examines various aspects of these countries' economies, including their dependence on oil, the measures taken to mitigate the impact of the crisis and the effectiveness of their diversification strategies. The thesis is divided into three chapters, the first chapter will look at the dependence of oil exporting countries on oil revenue and the austerity measures and reforms they have had to undertake. The second chapter will provide a summary of the economic diversification strategies that these states have used to try to remedy the situation. Subsequently, the third chapter will provide an opportunity to examine in detail the example of the UAE and what their diversification strategy was before and after the 2008 crisis. The manner and extent of economic diversification and why the UAE has managed it better than other natural resource-rich countries will be presented.