Dr. Ihsan A. Bu-Hulaiga
Success of Long Term National Visions as Accelerators of Economic Growth
Almost all GCC states announced lately a form or another of a vision or a long term plan; Saudi 2030, Bahrain 2030, Kuwait 2035, to name a few. Various visions promise what would be equivalent to a massive economic shakeup. If those visions are earnestly implemented, the roles of government, private sector, and citizen cannot escape a fundamental rework. The very basic concept of welfare state, as we know it in this region, will be deeply reassessed.
The talk attempt to examine the new inclination of GCC states to adopt long-term visions. It looks into the motivation of the recent advent of long haul planning. Is it an approach to restructure the economies of the six oil-dependent countries to be more diversified and resilient? Or, is it a means to restraint the prevailing social contract? Or, is it simply a way to pronounce the end of the petro-based and the beginning of sweat-based economy.
The talk concludes by examining the success of the national vision’s approach in communicating massive objectives, delineating impulsive socio-economic paradigm shifts, and realizing its promises.